ARN (AMFI Registration Number)
An ARN is the unique identity code issued by AMFI to authorise an individual or firm to distribute mutual funds in India. Without ARN, no mutual fund company will credit commissions.
How to get an ARN
- Pass NISM Series V-A (or Series V-C CPE for renewal)
- Complete EUIN (Employee Unique Identification Number) if employed by an ARN holder
- Register at amfiindia.com, upload documents, pay registration fee
- AMFI verifies and issues ARN within a few working days
Direct vs Regular Plans
| Feature | Direct Plan | Regular Plan |
|---|---|---|
| Commission | None | Paid to distributor (trail) |
| Expense Ratio | Lower (by commission amount) | Higher |
| NAV | Higher (same portfolio) | Lower |
| How to invest | AMC website, MFCentral, BSE Direct | Through ARN holder/distributor |
| Suitable for | Informed/DIY investors | Investors needing guidance |
Commission Structure
SEBI's commission regulations (post 2018 circular) require full trail commission — no upfront commissions for mutual fund distributors.
- Trail commission: 0.1% to 1.5% p.a. of AUM maintained, paid monthly based on NAV × units held
- Commission is scheme-specific and fund-house-specific
- Distributors must disclose commission to clients on request
EUIN (Employee Unique Identification Number)
All employees/relationship managers of ARN holders must have an EUIN. The EUIN must be recorded on every transaction form. If an investor transacts without IA advice (execution-only), the EUIN box can be left blank with a declaration.