EUIN remediation period will be 30 days from October 1 and seven days from January 1, 2014.
AMFI is said to have communicated to fund houses that the employee unique identity number (EUIN) remediation period will be reduced from the current 90 days to 30 days from October 1, 2013 onwards and to seven days from January 1, 2014.
The new rule was communicated to the CEO of AMCs on August 27, 2013.
Currently, if distributors fail to mention EUIN in transactions, they are supposed to furnish EUIN to CAMS within 90 days; otherwise AMCs forfeit the commissions on such transactions.
Earlier, EUIN was not required in execution only transactions. AMFI later clarified that EUIN has to be mentioned mandatorily irrespective of the nature of transaction – whether advisory or execution only.
Quoting employee unique employee identification number (EUIN) became mandatory from June 1, 2013.
EUIN is mandatory for transactions like new purchase, additional purchase, fresh SIP, switch, fresh STP, fresh (Dividend Transfer Plan) DTP. For transactions like ongoing SIP, ongoing STP, ongoing DTP, dividend reinvestment, bonus units, redemption, SWP, mentioning EUIN is not required.
