How to become a mutual fund distributor in India

Who needs an ARN

• Anyone who sells or markets mutual fund units needs NISM certification and an AMFI Registration Number (ARN). This covers distributors, agents, brokers and sub-brokers, whatever they call themselves, and their sales staff.
• You must be at least 18.
• The ARN is linked to your PAN, is permanent and cannot be transferred. One distributor cannot hold more than one ARN.
• A company, LLP or other non-individual needs at least one employee with a valid NISM certificate and an EUIN mapped to its ARN.
• A sole proprietorship counts as an individual (same PAN), so the proprietor holds the NISM certificate and maps their own EUIN. A HUF proprietorship is treated as a HUF and needs a certified employee.

Step by step: from exam to first sale

1. Pass NISM Series V-A (mutual funds only) or NISM Series V-D (mutual funds plus Specialized Investment Funds).
2. Apply for your ARN online on the AMFI website. Online is mandatory since 1 October 2024; the paper and demand draft route is closed. CAMS processes applications for AMFI.
3. Complete KYD (Know Your Distributor) with Aadhaar and PAN through online Aadhaar authentication, or with "KYC Validated" status at a KRA. The old biometric KYD at CAMS service centres is discontinued.
4. Receive your ARN and EUIN. Individuals get a PDF ID card by email; non-individuals get a Certificate of Registration.
5. Empanel with each AMC. An ARN alone does not let you sell. A transaction under an ARN that is not empanelled with that AMC goes into the Direct Plan.
6. Register your website, apps and social media handles on the AMFI ARN portal, as SEBI now requires.
7. Decide on GST registration. It is optional in law, but since 1 April 2026 commission is paid GST-exclusive, so unregistered MFDs receive the base commission only. See commission rules.

NISM Series V-A exam at a glance

Your individual ARN stays valid only as long as your NISM certificate does, so plan renewals together. See ARN and EUIN renewal.

AMFI registration fees (MF-only ARN)

Fees went back to pre-covid levels from 1 October 2024. Renewal costs half of registration. GST is extra.

For RRBs, DCBs, NBFCs and Farmer Producer Companies, check the current fee on the AMFI website. Since 15 March 2026 there is no fee for a duplicate ARN or EUIN card; download it from the ARN portal. For the combined MF plus SIF licence fees, see SIF distribution.

Provisional ARN for companies and firms

• A non-individual can get an ARN flagged "PROVISIONAL" before it hires an EUIN holder, but must map an EUIN within 6 months of applying.
• It cannot canvass business while provisional. Any transaction under it goes to the Direct Plan, with no appeal.
• If 6 months pass without an EUIN, the provisional ARN is cancelled and the fee is forfeited.
• The same route is used when an individual converts to a company or LLP: the individual keeps working on their own ARN until the switch date (the 1st of the following month), then the EUIN maps to the new entity, AUM moves across and the old ARN is cancelled.

Overseas Distributors (OD)

• For selling Indian mutual funds to overseas clients only. An OD cannot sell to investors in India.
• No NISM certificate is needed. Registration is one-time with perpetual validity, and the ARN is prefixed "OD".
• Fee: US$100 for an individual, US$1,000 for a non-individual. Annual self-certification is due by 30 April.