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AMFI asks bank executives, MF agents to quote employee ID no

The move is aimed at making bank executives and distributors accountable for what they sell

June 19, 2013 3:41 IST | India Infoline News Service
Association of Mutual Funds in India (AMFI) has mandated all executives of banks and distribution firms to provide an Employees' Unique Identification Number (EUIN) while selling mutual fund schemes.

The move is aimed at making bank executives and distributors accountable for what they sell as various instances of mis-selling continues to plague the mutual-fund industry.

AMFI has made it mandatory for RMs to use Employees' Unique Identification Number in the sale forms from June 01. Till then, distributors and banks provide their AMFI Registration Number (ARN) in the forms.

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