MF Distributors' Fee Lowered by AMFI

Acting in line with the governments and SEBIs efforts to revive mutual funds industry, AMFI has reduced one-time registration fee for mutual fund distributors. Registration fee has been slashed by up to 80%.

A good majority of people invest in mutual funds via distributors since barring Quantum Mutual Funds all mutual fund companies require forms to be submitted manually the first time. All mutual fund distributors are required to register with industry body AMFI (Association of Mutual Funds in India) and get the registration number called ARN.

The biggest decline of 80% is for the category of NBFCs, RRBs and District Central Co Op Banks whose new fee is Rs 1 lakh as against the earlier Rs 5 lakhs. ARN fee for other entities like Public cos, Private limited cos and Partnership firms has been brought down by 20%.

A new section of distributors comprising individuals who are senior citizens, postal agents, retired government officers, retired teachers, retired bank officers etc was introduced by SEBI recently with the aim of widening the reach of mutual funds to smaller cities in India. ARN fee for this category also has been lowered by 40% and is Rs 3000.

Registered ARN is valid for three years and renewal fee is 50% of registration fee. New rates will be applicable from 1 November 2012.

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