A government led not-for-profit organization, Association of Mutual Funds (AMFI) in India works as a one-stop destination for any issues that an investor may have regarding any unexpected monetary losses or concerns about the mutual fund. Statutory bodies like AMFI and Securities Exchange Board of India (SEBI) play a vital role in helping investors build faith in the market and invest in mutual funds.
Keeping the Investors Informed
Association of Mutual Funds tends to build strong ethics and crystal clear rules and regulations in the Indian Mutual Fund domain. Every fund house, advisor, trustee and/or agent is bound to register with AMFI. The association currently has 42 SEBI registered Asset Management Companies (AMC), which work on making investments easy and transparent for people.
The association is solely dedicated towards developing the mutual fund industry in the country professionally and ethically, while also maintaining standards in all areas. Because of the transparency it offers, it is suggested that investors check the details about the fund that they are planning to invest in at AMFI.
Objectives of AMFI
The Association of Mutual Funds of India (AMFI) functions with the following objectives-
- Define and maintain professional and ethical standards in the Indian mutual fund industry
- Recommend and promote effective business practices and code of conduct to be followed by the members of mutual fund and AMCs
- Interact with and represent to SEBI on all matters associated with the mutual fund industry
- Undertake nation-wide investor awareness programmes in order to promote proper understanding of the concept and working of mutual funds
- Disseminate information on the mutual fund industry and undertake research and study in association with other bodies
- Regulate the conduct of distributors including disciplinary actions for violations of Code of Conduct
- Protect the interests of investors and/or unit holders
AMFI Registration Number
AMFI Registration Number or ARN is a unique number that is assigned to mutual fund agents, distributors, and brokers. To get an ARN number, agents, distributors and brokers need to clear the NISM Certification. It is only after the clearance of this certification that an AMC is allowed to sell or recommend a mutual fund to investors. Additionally, if you are a senior citizen, you must also pass the Continuing Professional Education or CPE.
The NISM certificate includes the name of the AMC, a photo of the cardholder, ARN number, and address of the corporate. The certificate also has a validity for 3 years, which is also mentioned on it. The availability of this information justifies the association’s belief in transparency and helps investors cross-check the details provided by the AMCs.
Members of AMFI
As of now, there are 44 members under the Association of Mutual Funds of India. They are as follows-