The validity of the ARN card was for the period of five years till May 31, 2010 and is three years w.e.f. June 1, 2010 in case of individual/ corporate employees from passing of the AMFI and NISM Certification Test respectively.
In case of Corporate validity of Certification of Registration was for the period of five years till May 31, 2010 and is three years w.e.f. June 1, 2010 from the date of issue of Certification of Registration.
Accordingly ARN holders are required to apply for renewal of ARN card / Certification of Registration on or six months prior to the expiry of the ARN card / Certification of Registration.
- The renewal fee prescribed is as under:
- For Individual and corporate employee: Rs. 2500/-
- For Corporate:
|Banks/ NBFC/ Institutional Distributors||250,000|
|Public Ltd. Co.||250,000|
|Pvt. Ltd. Co.||25,000|
|Societies and Trust / HUF||12,500|
- Applications alongwith demand draft for the appropriate fee amount and KYD application form with the required documents should be submitted only at CAMS POS, in person.
- Demand Draft should be drawn in favor of 'ASSOCIATION OF MUTUAL FUNDS IN INDIA' payable at the location of CAMS-POS where application is submitted.
- Two stamp size color photographs should be submitted alongwith the application. (Only by Individuals / Corporate Employees)
- In case of Individuals and Corporate employees, the renewal of ARN is subject to either passing the NISM Mutual Fund Distributors Certification Examination or attending the programme of 'Continuing Professional Education'-CPE, offered by NISM.
- They (Individual ARN holders and Corporate employees) are required to submit the application for renewal of ARN alongwith a copy of passing certificate or a copy of AMFI Refresher Course Certificate (offered upto May 31, 2010) or Certificate of attending 'Continuing Professional Education' (CPE) Programme offered by NISM w.e.f. June 1, 2010.
- However, as a one time measure, ARN holders whose ARN is falling due for renewal between June 1, 2010 to December 31, 2010, are allowed to produce certificate of passing test or attending CPE after renewal of ARN but in any case by December 31, 2010.
- In case of ARN holders, whose ARN is falling due for renewal on or after January 1, 2011, they are required to attend CPE/ pass NISM Test before expiry of validity date and attach a certificate to that effect alongwith application for renewal of ARN.
CPE for Mutual Fund Distributors: Eligibility Criteria:
Criteria relevant from 1st January, 2011
1. Participant must hold a valid AMFI Certificate/ ARN card.
2. If the participant's AMFI certificate /ARN card has expired or has no AMFI certificate/ARN card then the participant must fulfill one of the two following requirements.
- Age above 50 years.
- At least 10 years experience in the business of distribution of mutual fund products.
The following participants will not receive the NISM CPE certificate even if they attend the complete CPE programme.
- Participants who are ineligible to attend the CPE for renewal of AMFI registration and who have still chosen to attend the program..or
- Participant whose documents/information provided are found to be not in order by NISM.
- Such participants cannot claim refund of fees paid.