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Monday, November 05, 2012

AMFI announces revision in ARN fees

Effective from 1 November 2012

Association of Mutual Fund in India (AMFI) has announced revision in AMFI Registration Number (ARN). The revised fees (cut by up to 80%) will be effective from November 1, 2012 and shall be made applicable to those distributors who apply for fresh registration on or after November 1, 2012 and to the existing ARN holders who's ARNs are falling due for renewal on or after November 1, 2012. 

As per the revised structure, the ARN fees for Regional Rural Banks, District Central Co-Op. Banks, NBFCs have seen the biggest decline of 80% to Rs 1 lakh (from Rs 5 lakh earlier), while fees for proprietary firms have also been slashed considerably from Rs 10,000 to Rs 3,000. The fees for individuals and senior citizens have been lowered from Rs 5,000 to Rs 3,000. 

AMFI further said that the “fees for renewal of ARN will be 50% of the fees payable for fresh registration under respective category of distributors”.

Sebi has also recently announced a slew of measures for the benefit of the mutual fund industry, including provision for a new distributor cell and incentives for reaching out to smaller cities.
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