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How can I become a SBI Mutual Fund Distributor?
- Step 1: Fill the Empanelment form for Distributor. You can download form by clicking here – Empanelment form.
- Step 2: Keep Copies of following documents ready.
- Step 3: Submit all the forms and documents to the nearest SBI Mutual Fund Branch.
How much a mutual fund distributor earn in India?
Of the 46,285 active distributors, 2,865 distributors earn gross commission of over Rs. 20 lakh in a year. Of the 46,285 distributors who get brokerage every year (can be considered as active), 2,865 or 6\% of them earn gross commission of more than Rs. 20 lakh annually, shows AMFI data.
Which is India’s largest mutual fund distributor?
AMFI data on commission disclosure shows that NJ IndiaInvest remained the top distributor with highest gross commission of Rs. 874 crore; 12\% higher than what it earned in FY 2020. With 30\% rise in gross commission income, SBI became the second largest mutual fund distributor in FY 2021.
How to become a mutual fund distributor?
In order to become a mutual fund distributor (an intermediary), one must have to get registered with AMFI after passing NISM Certification test and obtain a unique code-AMFI Registration Number (ARN). Mutual fund distributor plays a very important and valuable role in promoting sales of Mutual Fund Products.
What is Know Your distributor (Kyd) for mutual funds?
AMFI has therefore decided to introduce Know Your Distributor (KYD) process for the Mutual Fund distributors with effect from September 1, 2010. The KYD procedure consists of document verification and Bio-metric process. The distributor is therefore required to apply for KYD simultaneously along with application for registration of ARN.
What happens if no mutual fund scheme is launched within 12 months?
SEBI may also conduct infrastructure inspection of the applicant before grant of certificate of registration. Further, it may be noted that in case no Mutual Fund scheme is launched within 12 months from the date of registration, the registration granted would be treated as cancelled.
Why mutual fund distributors should have the highest standards of knowledge?
In addition to increase the sales for Mutual Fund products, he also provides advisory services to his clients which are very vital for their goal oriented investments. This is the reason why the Mutual Fund distributors should have the highest standards of knowledge, attitude and ethics.