ARN: AMFI Registration Number

The AMFI Registration Number (ARN) is the licence issued by the Association of Mutual Funds in India (AMFI) to individuals and entities authorised to distribute or sell mutual fund schemes in India. Under SEBI mandate, no person can solicit, distribute, or earn commission on mutual fund subscriptions without a valid ARN. The ARN regime distinguishes “distribution” (selling, with commission) from “investment advice” (recommendations, fee-only or fee-plus, regulated separately under SEBI Investment Advisers Regulations).

For Indian retail investors, awareness of the ARN regime is important because:

• Distributors quote their ARN on application forms, confirming their authorisation.
• Distributor commissions are visible on Consolidated Account Statements (CAS).
• The ARN-only regime ensures distributors have passed the NISM qualifying exam and follow AMFI’s Code of Ethics .

Eligibility

To obtain an ARN, applicants must:

Individual ARN

1. Age: Minimum 18 years.
2. Education: Class 10 (SSC) minimum; Class 12 (HSC) or higher preferred.
3. NISM certification: Pass the NISM Series V-A (Mutual Fund Distributors) examination.
4. Continuing Professional Education (CPE): Renew NISM certification every 3 years per AMFI rules.
5. KYD compliance: Complete Know Your Distributor (KYD) requirements with one of CAMS or KFin.

Corporate ARN

Entities (LLPs, partnerships, companies) can obtain corporate ARNs, with at least one Employee Unique Identification Number (EUIN) holder on staff.

ARN code structure

The ARN code follows a defined format:

• Individual ARN: 5-7 digit numeric identifier (e.g., ARN-12345).
• Corporate ARN: 5-7 digit numeric prefixed with sponsor code.
• EUIN linkage: Each ARN-holder employee carries a separate EUIN starting with “E” (e.g., E123456).

Application process

Step 1: NISM Series V-A

• Register for NISM Series V-A via the NISM portal .
• Study syllabus (160 hours self-study or coaching).
• Sit examination (90 minutes, 100 questions, 50% pass mark).

Step 2: KYD with AMFI-empanelled RTA

• Submit application to CAMS or KFin (the AMFI-empanelled RTAs).
• Provide PAN, address proof, photograph, NISM certificate.
• Pay KYD fee (Rs 1,500 to Rs 1,800).

Step 3: AMFI ARN issuance

• AMFI verifies KYD and NISM credentials.
• AMFI issues ARN within 7 to 15 working days.

Step 4: Empanelment with AMCs

• Distributor empanels with each AMC where they want to distribute schemes.
• Each AMC has its own empanelment process and commission structure.

Renewal

ARN is renewable every 3 years. Renewal requires:

• Continuing Professional Education (CPE) credits during the 3-year period.
• NISM Series V-A re-certification (or equivalent CPE).
• AMFI KYD update.

Per AMFI ARN renewal rules , distributors must renew within the renewal window or face deactivation.

Distributor vs investment adviser

The ARN regime is for distribution (commission-based). For investment advice (fee-based recommendations), a separate SEBI Registered Investment Adviser (RIA) licence is required. Per SEBI Investment Advisers Regulations 2013 , the same person cannot be both ARN-holder and RIA simultaneously (some carve-outs apply for fee-only mode).

Code of conduct

ARN-holders are bound by:

• AMFI Code of Ethics (ACE).
• AMFI Best Practice Guidelines (BPG).
• SEBI advertising code per SEBI MF advertisement code .

See also

• Mutual funds in India
• AMFI
• EUIN
• KYD (mutual funds)
• NISM Series V
• NISM Series V-A
• NISM Series V-B
• NISM Series V-C
• ARN renewal
• SEBI Investment Advisers Regulations 2013
• AMFI Code of Ethics
• AMFI Best Practice Guidelines
• SEBI MF advertisement code
• CAMS
• KFin Technologies

External references

• AMFI India
• NISM India
• SEBI

References

1. SEBI (Mutual Funds) Regulations 1996.
2. AMFI ARN guidelines.
3. NISM Series V-A curriculum.
4. AMFI Code of Ethics and Best Practice Guidelines.