ARNs declared INVALID on account of non-compliance with Name change pursuant to SEBI Regulations

Pursuant to amendments to SEBI (Investment Advisers) Regulations, 2013 notified on July 3, 2020, non-individual mutual funds distributors (MFDs) whose registered name contain terms such as Adviser / Financial Adviser/ Investment Adviser/ Wealth Adviser/Wealth Manager/Wealth Managers etc. were required to change their name. In this regard AMFI, AMFI has issued detailed guidelines along with a list of terms / names that are acceptable and unacceptable vide circular dated 20-Oct-2020.

SEBI had allowed time till October 31, 2020 for the MFDs to submit their application for name change to the ROC and time up to December 31, 2020 to ensure completion of name change. However, there are still a large number MFDs who have still not complied with the name change even after 8 months beyond the extended time allowed by SEBI and are therefore in violation of the aforesaid SEBI regulations.

It has been therefore decided that the AMCs shall stop dealing with / accepting any business from such MFDs w.e.f. July 1, 2021 treating their ARN as INVALID till they complete the name change as required.

To view the current / updated list of such MFDs holders whose AMFI Registration number (ARN) has been declared INVALID , please CLICK HERE