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From July 1, 2022, AMFI will implement two key changes in ARN renewal norms – ARN has to be renewed within 3 months and it can only be renewed through digital process.
Three months’ time
However, MFDs can renew their ARN even after 3 months but they are not entitled to claim trail commission on their previous assets.
Here are other key changes:
- ARN will be considered invalid if it is not renewed on or before the expiry date
- MFDs can renew their ARN six months before its expiry
- Business procured during the expired period or invalid ARN period will be shifted to direct plans. This means, SIP business of MFDs will go to direct plan during the expired period
- Trail commission on assets built before expiry will be withheld till three months of the expiry of ARN
- If MFDs renew their ARN within three months of expiry, they are entitled to get trail commission on their previous assets. Please note that the business acquired during the expired period will not generate trail commission for you
- If MFDs renew their ARN after three months of expiry, they will get trail commission only on business acquired after the renewal date. Trail commission built before the expiry will be forfeited completely. Basically, MFDs will have to start afresh
Online renewal
AMFI has done away with the physical route to renew ARN. It will make ARN renewal process completely online from July 1, 2022.
Also, AMFI has asked MFDs to write to them if they face any difficulty in renewing their ARN. “In case you face any problem / encounter any error while renewing your ARN/ EUIN, please send an email along with the screenshot of the error encountered to amfiarn@camsonline.com,” said AMFI.
