In a bid to expedite the ARN registration and renewal process, AMFI has introduced an online ARN registration and renewal facility for distributors, said an email AMFI sent to distributors.
AMFI will launch this facility at the Mutual Fund Summit 2017 on Thursday.
“We are happy to share with you that AMFI will be launching a completely paperless Aadhaar based online process for ARN Registration and Renewal at AMFI Mutual Fund Summit on June 29, 2017,” AMFI said.
Distributors need to furnish Aadhaar cards to register and renew their ARN number.
Currently, distributors have to undergo a mandatory six hours of classroom training in order to renew their ARN. To ease the registration renewal process, NISM has already introduced an online CPE training for distributors.
Once distributors take this training, NISM issues a certificate. Distributors have to send their certificates to CAMS along with a DD of Rs1,500 in favour of AMFI as renewal fee. Typically, the entire ARN renewal process takes around two months.
The proposed online renewal facility is expected to reduce the total turnaround time to a few days.
The licence has a validity of three years. Distributors have to renew their ARN six months prior to its expiry.
