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AMFI guidelines

AMFI guidelines for mutual fund distributors

Updated 4 October 2026

Mutual fund distributors in India are governed by the SEBI (Mutual Funds) Regulations, 2026, the SEBI Master Circular for Mutual Funds (20 March 2026), and the AMFI Master Circular for MFDs (14 January 2026), which brings every AMFI distributor circular into one document. This guide explains each rule in plain language.

The guides

Getting startedHow to become a mutual fund distributorStep by step: pass NISM Series V-A, apply for ARN online, complete KYD, get your EUIN and empanel with AMCs. AMFI registration fees for 2026 included.Staying validARN renewal and EUIN rulesWhen to renew your ARN, how NISM CPE works, what happens to trail if your ARN expires, and the EUIN rules for every regular plan transaction.ConductAMFI Code of ConductThe AMFI Code of Conduct for MFDs in plain language: investor interest first, banned malpractices, disclosures, records, marketing and digital platforms.CommissionMFD commission rules 2026How MFD commission works in 2026: trail only, no upfront, the Base Expense Ratio under SEBI MF Regulations 2026, GST-exclusive payouts and disclosures.CommissionB-30 and women investor incentiveThe incentive that replaced B-30 TER: 1% of the first year's investment, capped at ₹2,000 per new PAN, for new B-30 or women investors. Rules and exclusions.MarketingSocial media and marketing rulesWhat MFDs must show on social media, websites and visiting cards from 1 May 2026, which business names are barred, and the finfluencer rules.RoleMFD vs RIAMutual fund distributor vs SEBI RIA: how each earns, what each may do, the IA Regulations segregation rules, and the pending SEBI working group.TransfersChange of ARN and transfer of AUMHow investors change distributor, the 12-month cooling off before trail, when an MFD can move its whole AUM, and trail after a distributor's death.ComplianceDSC, suspension and penaltiesThe AMFI DSC deadline, what a suspended or cancelled ARN means for commission and SIPs, AMC due diligence thresholds and the sales contest ban.SIFSIF distributionHow MFDs can distribute Specialized Investment Funds: the NISM V-D route, the end of NISM XIII, combined licence fees and the SIF tagline.FAQAMFI rules FAQ for MFDsQuick answers on AMFI and SEBI rules for MFDs: ARN, NISM, renewal, commission, GST, B-30 incentive, social media, MFD vs RIA, transfers, DSC and suspension.

The rulebook at a glance

LayerDocumentStatus
LawSEBI (Mutual Funds) Regulations, 2026Replaced the 1996 Regulations. Effective 1 April 2026
SEBI circularsSEBI Master Circular for Mutual Funds, 20 March 2026Replaces the 27 June 2024 master circular
AMFIAMFI Master Circular for MFDs, AMFI/MFD-CIR/32/2025-26, 14 January 2026Consolidates all AMFI MFD circulars up to 31 December 2025
CertificationNISM Series V-A (MF only) or V-D (MF plus SIF)Valid 3 years
AdjacentSEBI IA Regulations 2013, finfluencer rules, social media disclosure circular (26 February 2026)In force
PendingSEBI working group on the MFD frameworkReport not published as of 4 October 2026

What changed for MFDs in 2026

DateChange
14 Jan 2026AMFI Master Circular for MFDs issued
26 Feb 2026SEBI circular on name and registration number on social media
1 Mar 2026New investor incentive (B-30 or women, ₹2,000 cap) live
12 Mar 2026AMFI circular 123/2025-26 on the new commission and GST calculation
15 Mar 2026Duplicate ARN and EUIN card fee waived
20 Mar 2026New SEBI Master Circular for Mutual Funds
1 Apr 2026SEBI MF Regulations 2026 live: BER, lower caps, GST outside TER, GST-exclusive payouts
1 May 2026Social media disclosure rules live; first payouts under the new structure
Jul 2026Combined MF plus SIF licence through NISM V-D, with a new fee table
21 Sep 2026NISM XIII route for SIF ends
30 Sep 2026AMFI deadline to file social media details; DSC grace period ends
PendingSEBI working group report on the MFD framework; common advertisement code; SEBI consultation (20 May 2026) on third-party payments, including an option for AMCs to pay MFD commission in MF units

Frequently asked questions

What are the AMFI guidelines for mutual fund distributors?

The rules AMFI sets for registration, conduct, commission, renewal, transfers and marketing by MFDs. Since 14 January 2026 they sit in one AMFI Master Circular for MFDs, alongside SEBI's Mutual Fund Regulations and master circular.

Who regulates mutual fund distributors in India?

SEBI makes the law through the SEBI (Mutual Funds) Regulations, 2026 and its circulars. AMFI registers distributors (ARN), runs the Code of Conduct and issues distributor circulars. NISM certifies.

What is the AMFI Master Circular for MFDs?

AMFI/MFD-CIR/32/2025-26 dated 14 January 2026. It consolidates all AMFI circulars for distributors up to 31 December 2025, and the earlier circulars are rescinded.

What changed for MFDs in 2026?

SEBI MF Regulations 2026 brought the Base Expense Ratio and GST-exclusive commission from 1 April, social media disclosure rules started on 1 May, and a combined MF plus SIF licence arrived in July.

Sources

Also drawn from AMFI and SEBI circulars cited in the text. Rules change often; check the latest circulars before acting.

This guide summarises AMFI and SEBI rules as of 4 October 2026 for information only. It is not legal or regulatory guidance. Rabbit Invest is a software platform for mutual fund distributors and is not an Investment Adviser under SEBI IA Regulations 2013.