AMFI move to help expand distribution network for MFs
With UIDAI now allowing Aadhaar-based authentication service and Aadhar Based e-KYC, using OTP that can be availed by requesting entities, AMFI has been able to revive the online ARN and EUIN registration, making it possible to register ARN/EUIN online from the safety and comfort of one’s home or office.
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Mumbai As Association of Mutual Funds in India (AMFI) restarts Aadhar-linked online registration for ARN and EUIN, experts feel that it will help expand the distribution network for mutual funds. The AMFI has revived a completely paperless online registration process through its site for obtaining fresh AMFI Registration Number (ARN) and Employee Unique Identification Number (EUIN) for Mutual Fund distributors and their employees, using One Time Pin (OTP) based Aadhaar authentication.
"We think this is a great step by AMFI that will help the distributor community and the investors especially at a time when people are not able to move out freely. Digital modes of doing business are becoming increasingly popular. This facility of online registration of ARN/EUIN will also help in expanding the distribution network for mutual funds in the country," G Pradeep Kumar, MD, Union MF told Bizz Buzz.
It was in 2017, when AMFI had introduced a completely online facility for applying for ARN/EUIN using Aadhaar, as well as for ARN and EUIN renewal. However, the online registration facility for fresh ARN using Aadhaar had to be withdrawn pursuant to Supreme Court order in September 2018 on usage of Aadhaar.
With UIDAI now allowing Aadhaar-based authentication service and Aadhar Based e-KYC, using OTP that can be availed by requesting entities, AMFI has been able to revive the online ARN and EUIN registration, making it possible to register ARN/EUIN online from the safety and comfort of one's home or office, without having to step-out in these difficult times.
"The MF Industry seamlessly moved to digital early into the pandemic helping all stakeholders. AMFI continues to leverage technology as an enabler. In this case, to also reduce risks of physical interaction during the current challenging time and further smoothen the journey for potential distributors and advisors from across the country," PGIM MF CEO Ajit Menon said.
AMFI has already enabled online renewal of ARN and EUIN facility on its website and the same is working efficiently since last four years. AMFI has now added new features like change of email ID and 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."AMFI has urged the mutual fund distributor fraternity to opt for online registration and renewal of ARN and EUIN.
