Association of Mutual Funds in India, AMFI, the mutual fund industry trade body and the registering body for mutual fund distributors, as a distributor-friendly initiative, has reduced the ARN (AMFI Registration Number) Registration and Renewal Fees for most distributor types, including individual distributors, by 50 per cent of the existing rates, effective May 1, 2021.
By reducing the ARN and EUIN registration and renewal fees, AMFI also wants to encourage new and young individuals across the country to reach out to large base of small savers, especially in the Tier II and III cities and towns, to channelize financial savings into mutual fund asset class.
Commenting on the initiative, Mr Nilesh Shah, Chairman, AMFI said: “We aim to have greater number of small savers to benefit from long term investment solutions offered by the mutual fund industry. This initiative of reducing the registration and renewal fees would help larger number of individuals from across the country to come into Mutual Fund distribution fold and contribute to the last mile connectivity.”
Speaking on the occasion, Mr N.S. Venkatesh, Chief Executive, AMFI said, “The reduced fees for ARN and EUIN registration and renewals for the Mutual Fund Distributors would go a long way in helping the cause of Mutual Fund expansion. We also want the younger generation to look at Mutual Fund Distribution as an exciting career opportunity and with this reduction in fees we hope to attract far higher number of new Mutual Fund distributors which would help the industry to enhance penetration and channelize small savings into long term market-linked savings solutions.”
“Rising affinity for Mutual Fund asset class would get a strong fillip with this reduction in the ARN Registration and Renewal Fees for the Distributor fraternity,” Mr Venkatesh added.
Revised AMFI Registration Fees w.e.f. 01-May-2021
| Revised AMFI Registration Fees w.e.f. 01-May-2021 | ||
|---|---|---|
| Category | Existing Fees* | Revised Fees* |
| Individuals | 3000 | 1,500 |
| Proprietorship firm | 3000 | 1,500 |
| Micro Finance Institution | 15,000 | 7,500 |
| Post Office | 15,000 | 7,500 |
| Urban Co-Op. Banks, Societies, Trusts, HUFs | 20,000 | 10,000 |
| Partnership Firm | 20,000 | 10,000 |
| LLP | 40,000 | 20,000 |
| One Person Company | 40,000 | 20,000 |
| Pvt. Ltd. Co. | 40,000 | 20,000 |
| Employees of MFDs (EUIN holders) | 1500 | 500 |
| (No change) | ||
| Banks | 4,00,000 | 4,00,000 |
| RRBs & DCBs | 1,00,000 | 1,00,000 |
| NBFC | 1,00,000 | 1,00,000 |
| Public Ltd. Co. | 4,00,000 | 4,00,000 |
| *Plus GST@18% | ||
Revised AMFI Registration & Renewal Fees including GST
| Revised AMFI Registration & Renewal Fees including GST | ||||||
|---|---|---|---|---|---|---|
| Category | Registration Fees* (₹) | GST @18% | Total | Renewal Fees* (₹) | GST @18% | Total |
| Individuals | 1,500 | 270 | 1,770 | 750 | 135 | 885 |
| Proprietorship firm | 1,500 | 270 | 1,770 | 750 | 135 | 885 |
| Micro Finance Institution | 7,500 | 1,350 | 8,850 | 3,750 | 675 | 4,425 |
| Post Office | 7,500 | 1,350 | 8,850 | 3,750 | 675 | 4,425 |
| Urban Co-Op. Banks, Societies, Trusts, HUFs | 10,000 | 1,800 | 11,800 | 5,000 | 900 | 5,900 |
| Partnership Firm | 10,000 | 1,800 | 11,800 | 5,000 | 900 | 5,900 |
| LLP | 20,000 | 3,600 | 23,600 | 10,000 | 1,800 | 11,800 |
| One Person Company | 20,000 | 3,600 | 23,600 | 10,000 | 1,800 | 11,800 |
| Pvt. Ltd. Co. | 20,000 | 3,600 | 23,600 | 10,000 | 1,800 | 11,800 |
| Employees of MFDs (EUIN holders) | 500 | 90 | 590 | 500 | 90 | 590 |
| Banks | 4,00,000 | 72,000 | 4,72,000 | 2,00,000 | 36,000 | 2,36,000 |
| RRBs & DCBs | 1,00,000 | 18,000 | 1,18,000 | 50,000 | 9,000 | 59,000 |
| NBFC | 1,00,000 | 18,000 | 1,18,000 | 50,000 | 9,000 | 59,000 |
| Public Ltd. Co. | 4,00,000 | 72,000 | 4,72,000 | 2,00,000 | 36,000 | 2,36,000 |
Registration: ARN/EUIN fee structure (inclusive of GST) applicable w.e.f. May 01, 2021