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The registering body for mutual fund distributors and trade, Association of Mutual Funds in India,(AMFI) has reduced the ARN (AMFI Registration Number) registration and renewal fees for most distributor types, including individual distributors. The AMFI Registration Number (ARN) is the unique code, which identifies the intermediary as AMFI Registered Mutual Fund Distributor (ARMFD). The body has reduced the fees by 50 per cent of the existing rates, with effect from 1st May 2021.

The revised rates

The revised ARN registration and renewal fees for the individuals and proprietorship firm are Rs 1,500 and Rs 750 respectively. And for the post office and microfinance institutions (MFIs), it is Rs 7,500 and Rs 3,750 respectively.

The EUIN (Employee Unique Identification Number) Registration and Renewal Fees for the employees too have been reduced to Rs 500 from Rs 1,500 and Rs 750 respectively.

The Chairman, of AMFI Nilesh Shah, said that their aim is to have a greater number of small savers to benefit from long-term investment solutions offered by the mutual fund industry. This initiative of reducing the registration and renewal fees is done to help a larger number of individuals from across the country to come into mutual fund distribution fold and contribute to the last mile connectivity.

To this N.S. Venkatesh, Chief Executive, AMFI also added that their purpose is that more and more younger people consider mutual fund distribution as an exciting career opportunity and channel their small savings into long-term market-linked savings solutions.