Aadhaar-Based Online Registration Facility Launched for Mutual Fund Distributors

Association of Mutual Funds in India (AMFI) on Tuesday announced that it has reactivated the online registration facility for obtaining fresh AMFI Registration Number (ARN) and Employee Unique Identification Number (EUIN) for mutual fund distributors. Now fund houses and their employees can avail one time pin (OTP) based Aadhaar authentication for ARN and EUIN.

In 2017, the industry body first launched an online facility for applying for ARN/EUIN using Aadhaar. However, the feature had been withdrawn after the Supreme Court’s order on the usage of Aadhaar. “With Unique Identification Authority of India (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,” the industry body said.

In the wake of COVID-19 second wave in the country, this online registration facility would provide relief to new applicants applying for fresh ARN/EUIN, AMFI mentioned.  “The online registration facility comes as a great boon and relief to new applicants seeking fresh ARN /EUIN in the current lock-down situation in many parts of India in the wake of resurgence of COVID-19 pandemic,” it said in press release.

AMFI has also enabled online renewal of ARN & EUIN facility, it added. The mutual fund distributors can also change email ID and mobile number through AMFI website.

Commenting on the latest feature, 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.”

The industry body urges the mutual fund distributor fraternity to opt for online registration and renewal of ARN and EUIN.

“AMFI is dedicated to developing the Indian Mutual Fund Industry on

professional, healthy and ethical lines and to enhance and maintain standards in all areas with a view to protecting and promoting the interests of mutual funds and their unit holders,” it further added.

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