These people have to either pass CPE or the NISM Mutual Fund Foundation exam.
In an email written to CEOs of fund houses on Friday, AMFI has said that people who have attained the age of 50 years or more can get register with AMFI under the ‘new cadre’ of distributor category. These people have to either pass CPE or the NISM Mutual Fund Foundation exam.
People who wish to become full-fledged distributors have to appear for NISM Mutual Fund Distributors Certification Examination while those who wish to register under the ‘new cadre’ of distributor category have to either appear for Mutual Fund Foundation Examination or Mutual Fund Foundation - CPE Programme depending on their experience and age.
Eligibility criteria for new cadre of distributors
|
Category of person applying for certification |
Certification through Exam |
Certification through CPE |
|
Grandfathered |
|
|
|
Postal agents with a service / experience of at least 10 years or of age 50 years or more |
Allowed |
Allowed |
|
Retired government and semi-government officials (class III and above or equivalent) with a service of at least 10 years or of age 50 years or more |
Allowed |
Allowed |
|
Retired teachers with a service of at least 10 years or of age 50 years or more |
Allowed |
Allowed |
|
Retired bank officers with a service of at least 10 years or of age 50 years or more |
Allowed |
Allowed |
|
Intermediaries/ Agents engaged in distribution of financial products e.g. insurance agent, FD agent, National Savings Scheme products, PPF, etc. registered with any other Financial Services Regulator with a service of at least 10 years or of age 50 years or more |
Allowed |
Allowed |
|
Business correspondents appointed by banks with a service of at least 10 years or of age 50 years or more |
Allowed |
Allowed |
|
Any other person of age 50 years or more |
Allowed |
Allowed |
|
Others |
|
|
|
Postal agents with a service of less than 10 years and of age less than 50 years |
Allowed |
Not allowed |
|
Retired government and semi-government officials (class III and above or equivalent) with a service of less than 10 years and of age less than 50 years |
Allowed |
Not allowed |
|
Retired teachers with a service of less than 10 years and of age less than 50 years |
Allowed |
Not allowed |
|
Retired bank officers with a service of less than 10 years and of age less than 50 years |
Allowed |
Not allowed |
|
Intermediaries/ Agents engaged in distribution of financial products e.g. insurance agent, FD agent, National Savings Scheme products, PPF, etc. registered with any other Financial Services Regulator with a service of less than 10 years and of age less than 50 years |
Allowed |
Not allowed |
|
Business correspondents appointed by banks with a service of less than 10 years and of age less than 50 years |
Allowed |
Not allowed |
|
Any other person (including students) |
Allowed |
Not allowed |
|
Source : NISM |
||
The ‘new cadre’ of distributors are only allowed to sell FMPs, index funds and diversified equity funds. These distributors can get free registration with AMFI till September 2013.
