Home >Mutual Funds >News >Amfi restarts Aadhaar-linked paperless registration for MF distributors

Association of Mutual Funds in India (AMFI) has restarted online registration for obtaining fresh Amfi registration number and employee unique identification number (EUIN) for mutual fund distributors and their employees, using OTP-based Aadhaar authentication.

The reintroduction of the facility has come amid the current lockdown situation in many parts of India in the wake of the resurgence of the covid-19 pandemic.

In 2017, Amfi had introduced the facility for applying for ARN/EUIN using Aadhaar, as well as for ARN and EUIN renewal. However, the online registration facility had to be withdrawn pursuant to the Supreme Court order in September 2018 on the usage of Aadhaar.

With UIDAI now allowing Aadhaar-based authentication service and Aadhaar-based e-KYC, using OTP that can be availed by requesting entities, AMFI has been able to revive the online ARN and EUIN registration.

AMFI has already enabled the online renewal of ARN and EUIN facility on its website. The grouping has now added new features such as the change of email ID and the change of mobile number to the online module.

Commenting on the development, NS Venkatesh, chief executive, AMFI said, “At AMFI, we look at technology as an enabler that can help ease the process and reduce time spent by distributors or their employees on mundane tasks, so that they can better utilize their time on helping their clients. We urge all our distribution fraternity to take benefit of this feature."

Last month, the association has reduced the ARN (AMFI registration number) registration and renewal fees for most distributor types, including individual distributors, by 50%, effective 1 May.

The EUIN (employee unique identification number) registration and renewal fees for the employees too have been reduced to 500 from 1,500 and 750, respectively.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout