The Association of Mutual Funds in India (AMFI) on September 17, 2024, issued the notification regarding the Discontinuation Biometric Process for the grant of ARN for MFDs and the Mandatory Online process to apply for ARN and EUIN.
The following has been stated namely: -
• Discontinuation of physical biometrics and mandatory submission of Aadhaar for KYD process - It has been decided to: -
o Discontinue the physical biometrics process for KYD compliance for the grant of ARN
o Make it mandatory for ARN applicants/MFDs to either provide an Aadhaar and PAN or have a "valid" KYC with the KRAs (i.e., KYC with "Validated" status) for the KYD purpose.
• AMFI Registration/Application for ARN to be allowed only via online mode –
o Compulsory for individual applicants to apply for AMFI registration (fresh ARN & EUIN) only via online mode to facilitate Aadhaar & PAN authentication online seamlessly and discontinue the paper-based process.
This shall be implemented from October 01, 2024.
[Notification No. AMFI/CIR/ARN-27/2023-24]
