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Who are Mutual Fund Agents?

Mutual Fund Agents, also known as intermediaries, are governed and registered by the Association of Mutual Funds and the Securities Exchange Board of India (SEBI), and they play a critical role in promoting the sale of mutual funds. According to AMFI, a mutual fund agent should possess high moral standards and integrity.

These agents' main responsibility is monitoring the mutual fund industry's performance. They must use a comprehensive database to do both qualitative and quantitative analyses, and they must periodically monitor these funds. Prior to advising an investment, a large portion of their job entails keeping a watch on crucial information on the sector, the Indian market, and its economy.

Also, these distributors regularly coordinate and work with mutual fund houses. They do a good job at this. They can find trustworthy investment possibilities for their designated investors with the aid of this survey. An investor, an agent, and a mutual fund scheme are all involved in a full circle here.

Become a Mutual Fund Agent

Eligibility Criteria to Become Mutual Fund Agent

Senior Citizen Criteria to Become Mutual Fund Agent/ Distributor

Mutual Fund Agents Need Certain Skills

Senior citizens who desire to become Mutual Fund agents or distributors must visit CPE i.e. Continuing Professional Education Training module. They need to fill up the Application Form and Agreement to remain by the Code of Conduct as set by the AMFI.

Steps Heading Toward Becoming a Mutual Fund Agent

Step 1:

Appeal for Examination for Mutual Fund Distributors as held by the NISM series V-A and clear it with a certification letter.

Step 2:

After this when you clear the NISM Series V-A you become eligible to be a mutual fund Agent. The simple process you have to follow is getting registered with AMFI by the CAMS-KRA office.

Step 3:

The office will provide you with the AMFI Registration Form (ARN) which includes basic details. Fill in all the KYD details (Know your Distributor). The important thing to remember is the details of the form must match your NISM Exam details.

Step 4:

It’s all your wish that you want to visit the CAMS-KRA offices or do an online form filling. If you don’t have KYD then you need to visit the office personally and finish your Biometrics Verification.

Step 5:

When the process is completed, you will receive an ARN card at the registered address in a few days.

Step 6:

When you receive your ARN further it’s required to get registered with an AMC or Mutual Fund House. The AMC will give training all about mutual funds and will give a commission when your work is completed.

How do Mutual Fund Agents and Investment Advisors differ?

In accordance with the investor's risk tolerance, a mutual fund agent recommends the best type of mutual fund.

An investment advisor, on the other hand, suggests the appropriate type of investment strategy based on a client's total assets and liabilities while taking into account total expenses and incomes. Additionally, bear in mind that a mutual fund agent is not permitted to sell any mutual fund that is deemed unsuitable for an investor because doing so would constitute "misselling," a crime. Investment advisors are registered with the Securities and Exchange Board of India, while mutual fund agents are registered with the AMFI.

ARN Registration

This is a Unique Number assigned to only those Mutual Fund Agents, Mutual Fund Distributors, and Brokers who have passed NISM Certification. In case you are a senior citizen, you 1st need to clear CPE Continuing Professional Education i.e. to get ARN. The assigned ARN ID card has the name of the AMC. Also have details like a picture of the Cardholder, ARN number, address, and validity. It is given to the companies and individuals involved in Mutual Funds Trading, by AMFI.

The ARN Card is mandatory as it is the only key that allows you to sell mutual funds or advice and recommend funds to the investor. It’s important for your investors to know that you have an ARN Card and you are an enrolled member of the mutual fund industry. As this is the only way you can build the trust of investors and they will know that you follow the guidelines of SEBI.The NISM Certificate and ARN Code are valid for 3 years after that they need renewal.

What do you mean by EUIN?

EUIN is an Employee Unique Identification Number, this helps to get in direct touch with the customer. It means a unique identification number of an employee, the customer relationship Manager, or the distributor in direct contact with the customer. EUIN number is applicable to all the sales staff of the non-individual ARN holders. This number is given by the AMFI, in addition to the ARN of the Distributor. The introduction of EUIN by SEBI has the purpose to check sales in the name of the ARN Holder Entity and also if the Employee, Relationship Manager, or Salesperson has left the job with that Distributor.

It is a Unique Identity Number of the Employee, Customer Relationship Manager, or the Salesperson of the Distributor who is in direct touch with the Client. He/she is the one transacting with the Investor for the sale of Mutual Fund Products. EUIN applies to the Sales Staff of Non-Individual ARN holders. The ARN Application Form for such entities has to be accompanied by the Application for Registration of corporate employees. The employees will then, clear the test and enroll with AMFI, under the ARN of the employer.

They would be declared EUIN Cards with their EUIN, his/her name, photo, and the legality period of the EUIN. AMFI gives the EUIN to all the employees, who are enrolled with AMFI and have a confirmed registration. This means Photo ID Card having EUIN is allotted to the corporate employees. It is necessary to consider this EUIN on the Mutual Fund scheme application forms. Extracting EUIN is necessary while directing transactions.

EUIN Mapping

EUIN issued to the employees continues to be the same. Also, if they shift to some other ARN holder and leave their current employment. After leaving the employment they still are involved in the sales or marketing of Mutual Fund products. To obtain the changes in the AMFI records about the shift in their ARN Holder, they have to present a properly filled Form for Mapping EUIN.

The situations to fill this Form have been declared as under:

Commission Structure for Mutual Fund Agent

Mutual fund agents can create a revenue source for themselves by engaging commission formation in place for mutual fund distributors.

A mutual fund agent/ distributor can get a commission as shown below:

The entire earnings of the Mutual Fund Agent will be Rs. 1,10,972. From the above table, you can understand that the Mutual Fund Agent’s profits are low at the start but drastically enhanced as Asset Under Management raises. One can very completely recognize from this table that the more leading the business you get, the greater your rewards. Usually, the Banks and National Distributors get rewarded the greatest because of the absolute volume of investments that they get. However, many Independent Mutual Fund Agents have also noticed a growth in their fees and commissions, having developed their businesses in current years.

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Frequently Asked Questions

The way a mutual fund operates is by combining the money from different investors and giving it to the fund manager of an asset management firm, who invests it for the investor's advantage. Hence, by connecting with Legalraasta, a mutual fund agent, you can obtain your mutual fund.

Being eligible to take the NISM-Series V-A Mutual Fund distributor certification exam is a prerequisite for becoming a mutual fund distributor. The examination is carried out by the National Securities Market Institute.

The person in charge of investing the money of investors in India is a mutual fund distributor, usually referred to as a mutual fund agent. They are compensated by the fund firm with a small commission for introducing investors to a specific mutual fund scheme.

The account balances of investors are carefully monitored by transfer agents, and ownership certificates are kept electronically. The timely distribution of dividends to shareholders is ensured by stock transfer agents.

A qualified individual who provides advice and assistance to investors on investing in mutual fund schemes is known as a mutual fund agent. The agent would be compensated through commissions received from distributors or the fund firm for the sale of mutual fund schemes.


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