In a relief to corporate distributors, AMFI has reduced the employee unique identity number (EUIN) registration and renewal fee by 50% with effect from November 1.
AMFI currently charges Rs. 3,000 each for registering the first 100 employees of a corporate distributor. For the incremental 101 to 200th employees, the fee is Rs. 2,000 each.
From November 1, AMFI will do away with this graded fee structure and will charge Rs. 1,500 for fresh EUIN registration and Rs. 750 for renewal.
Revised EUIN fee applicable from November 1
|
Fee |
EUIN registration |
EUIN renewal |
|
Earlier |
3000 |
1500 |
|
Now |
1500 |
750 |
|
Change |
-50% |
-50% |
The EUIN would continue to be valid for three years.
Employees of distributors engaged in mutual fund sales are required to obtain NISM certification and register themselves with AMFI and obtain EUIN.
EUIN was introduced by SEBI in October 2013. SEBI’s intention behind introducing EUIN was to identify mis-selling. Thus, quoting EUIN of the sales person in the application form/transaction slips is mandatory for all transactions.
