Access the AMFI website and navigate to the "Distributor Corner." Look for the option to register for SIF distribution and follow the online instructions.
Payment:
Pay the required registration fees, which are separate from the ARN registration fees.
Verification:
AMFI will verify your details and issue the SIF EUIN upon successful registration.
Key Points:
- SIF Registration is tied to ARN: Your SIF registration is linked to your ARN, and both have to be valid for you to distribute SIF products.
- NISM Certification is Essential: The NISM Series-XIII certification is mandatory for SIF distribution.
- Fees has to paid to AMFI for SIF Registration separately. Fee structure provided below
By following these steps and ensuring your ARN and NISM certifications are up-to-date, you can successfully register your SIF, EUIN with AMFI.
Fee Structure:
- In a note, CAMS has clarified that AMFI will levy registration and renewal fees for SIF distribution in line with the fee structure applicable to the mutual fund distribution business.
- With this, Individual MFDs will have to pay Rs. 3000, excluding GST, to obtain an SIF distribution license.
- For distributors having a private limited structure or a one-person company, or an LLP, the registration fees are Rs. 40,000.
- Banks and public limited SIF distributors will have to pay Rs. 4 lakhs for registration. Further, AMFI will levy registration fees of Rs.1500 from employees of MFDs or EUIN holders.
- For renewals, individual MFDs will have to pay Rs.1500 whereas the renewal fees of EUIN holders will be Rs.750.
Here are the complete details of the Fee structure:
ARN Registration and Renewal fees | SIF Registration and Renewal fees | |||
Category | Registration Fees | Renewal Fees | Registration Fees | Renewal Fees |
Banks | 4,00,000 | 2,00,000 | 4,00,000 | 2,00,000 |
RRBs & DCBs | 1,00,000 | 50,000 | 1,00,000 | 50,000 |
NBFC | 1,00,000 | 50,000 | 1,00,000 | 50,000 |
Public Ltd. Co. | 4,00,000 | 2,00,000 | 4,00,000 | 2,00,000 |
Pvt. Ltd. Co. | 40,000 | 20,000 | 40,000 | 20,000 |
One Person Company | 40,000 | 20,000 | 40,000 | 20,000 |
LLP | 40,000 | 20,000 | 40,000 | 20,000 |
Partnership Firm | 20,000 | 10,000 | 20,000 | 10,000 |
Urban Co-Op. Banks, Societies, Trusts, HUFs | 20,000 | 10,000 | 20,000 | 10,000 |
Post Office | 15,000 | 7,500 | 15,000 | 7,500 |
Micro Finance Institution | 15,000 | 7,500 | 15,000 | 7,500 |
Proprietorship firm | 3000 | 1,500 | 3000 | 1,500 |
Individuals | 3000 | 1,500 | 3000 | 1,500 |
Employees of MFDs (EUIN holders) | 1500 | 750 | 1500 | 750 |
- Plus, GST @ 18%
Key Highlights:
- Only ARN holders and their employees who clear the NISM Series-XIII: Common Derivatives Certification Examination are eligible to sell SIF products.
- Existing MFDs and EUIN holders can register for SIF distribution only if their ARN is valid.
- Renewal of SIF registration is not allowed if the ARN is invalid—they must first renew their ARN/EUIN.
- New distributors can apply for both ARN and SIF registration simultaneously. It is not mandatory to first obtain an ARN and then apply for SIF registration
- The SIF distribution license will be valid for: Three years for non-individual MFDs and till the validity of the NISM Series-XIII certificate for individual MFDs
- If the ARN/EUIN becomes invalid, the SIF registration is automatically deemed invalid, even if the NISM XIII certificate remains valid
- Once the ARN is renewed, the SIF registration status will automatically revert to active, valid until the NISM XIII certificate expiry