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There are umpteen mutual fund advisors around and how would you know who is reliable? Wait a minute.
To make things easier for you the Securities Exchange Board of India (SEBI) and the Association of Mutual Funds of India (AMFI) have come out with a mandatory examination and certification system that aims at promoting best practices and ethical standards in the business of sale of mutual fund.
SEBI has made it mandatory for all agents/distributors to obtain AMFI certification prior to appointment.
And AMFI Certified Intermediaries engaged in marketing and selling of mutual fund schemes are required to be registered with AMFI after passing the necessary AMFI certification Test. After which a unique ARN photo identity card is issued.
So your mutual fund advisor must be AMFI certified and registered holding an ARN identity card.
If you think these cards can be forged, something that is quite common these days you could call up the mutual fund office to check out.
Alternatively you could even log on to the AMFI website which lists details of its dealers/agents with their ARN numbers.
An intermediary not registered with AMFI is not an authorised mutual fund agent and cannot be paid brokerage as per AMFI rules.
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