ARN renewal and EUIN rules for mutual fund distributors
An ARN and EUIN are valid for 3 years and can be renewed online up to 6 months before expiry. For individuals the ARN is co-terminus with the NISM certificate, so renew NISM first (by exam or NISM V-A CPE), then the ARN. If the ARN lapses, new business goes to the Direct Plan and trail commission is withheld.
How renewal works
- ARN and EUIN are valid for 3 years. You can renew up to 6 months before expiry, and CAMS emails reminders from 6 months out.
- Renewal is online only.
- An individual ARN or EUIN is valid only as long as the NISM certificate. Renew NISM first, then the ARN.
- A non-individual ARN needs at least one valid EUIN holder to renew.
- Renewal fee is half the registration fee: ₹1,500 plus GST for an individual. See the full fee table.
Renewing NISM: exam or CPE
- Re-take the NISM Series V-A exam, or attend NISM V-A CPE (Continuing Professional Education): one day, about 6 hours, with a test at the end.
- CPE must be done within the 12 months before your certificate expires. It revalidates the certificate for 3 years from the expiry date.
- If your NISM certificate lapses, the only way back is the exam.
- Grandfathered category: people who on 31 May 2010 were 50 or older, or had 10 or more years of mutual fund distribution experience, can get NISM through CPE instead of the exam.
What happens if your ARN expires
| Situation | Effect |
|---|---|
| Day after expiry | ARN is invalid. You cannot sell. New business goes to the Direct Plan with no commission. |
| Trail on old business | Withheld until you renew. |
| Renewed within 3 months | Withheld trail is released in the next cycle. |
| Not renewed in 3 months | The AMC writes to your investors that your ARN has expired. |
| Renewed after 3 months | Withheld trail is forfeited. Trail resumes only from the renewal date. |
| Not renewed in 6 months | The ARN may be treated as cancelled and no fresh business is accepted. |
EUIN: the rules for every transaction
- EUIN (Employee Unique Identification Number) is linked to PAN and stays the same when you change jobs. Individual and proprietor MFDs get an EUIN with their ARN by default, at no extra fee.
- Every Regular Plan transaction, including those through stock exchange platforms, needs a valid ARN and a valid EUIN mapped to that ARN to earn commission.
- If the EUIN is missing or invalid, the transaction is processed in the Regular Plan and you have 30 days to fix it (give a valid EUIN, or switch it to Direct). If it is not fixed, commission on that transaction is forfeited permanently.
- "Execution only" transactions without an EUIN are allowed only in exceptional cases, with a separately signed declaration from the investor. AMCs review these.
- Quoting an EUIN does not make a transaction "advisory".
Frequently asked questions
How early can I renew my ARN?
Up to 6 months before expiry. CAMS sends email reminders from 6 months out, and renewal is online only.
What is NISM CPE?
Continuing Professional Education for NISM V-A: a one-day session of about 6 hours with a test at the end. Done within 12 months before expiry, it revalidates your certificate for 3 years from the expiry date.
Do I lose my trail commission if my ARN expires?
Trail is withheld while the ARN is expired. Renew within 3 months and it is released; renew after 3 months and the withheld trail is forfeited.
What happens to a transaction without an EUIN?
It is processed in the Regular Plan and you get 30 days to supply a valid EUIN or move it to Direct. Otherwise commission on that transaction is forfeited permanently.
Does my EUIN change if I change employers?
No. The EUIN is linked to your PAN and stays the same across job changes.
Sources
- AMFI Master Circular for MFDs (AMFI/MFD-CIR/32/2025-26, 14 Jan 2026)
- NISM: Mutual Fund Distributors CPE
- AMFI Distributor Corner
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.