Association of Mutual Funds in India (AMFI) has reduced the AMFI Registration Number (ARN) and renewal fees for most distributor types, including Individual Distributors, by 50% of the existing rates, effective May 1, 2021.
Employee Unique Identification Number (EUIN) registration and renewal fees for the employees too have been reduced to Rs 500 from Rs 1,500 and Rs 750, respectively.
The ARN registration and renewal fees for the Individuals and Proprietorship firm has been reduced by 50% to Rs 1,500 and Rs 750 respectively, while for the post office and microfinance institutions (MFIs) the ARN registration and renewal fees stand reduced by 50% to Rs 7,500 and Rs 3,750, respectively.
The Urban Co-Op. Banks, Societies, Trusts, HUFs and Partnership Firms will pay Registration and Renewal Fees at 50% reduction to Rs 10,000 and Rs 5,000 respectively, while the One Person Company (OPC), LLPs, and Pvt. Ltd. Co. would pay 50% downward revised registration and renewal fees at Rs 20,000 and Rs 10,000 respectively. All fees will be subject to applicable taxes.
The initiative is aimed at encouraging new and young individuals across the country to reach out to a large base of small savers, especially in the Tier II and III cities and towns, to channelize financial savings into the mutual fund asset class.
As on March 2021, there are 1.10 lakh ARN holders in the industry, excluding EUINs.
