At Mirae Asset, we look upon our Distributors as 'Business Partners', and we firmly believe that their contribution is essential for the success of any Mutual Fund.
Distributors not only assist in selling Mutual Funds, but also act as knowledgeable guide, and help clients in making sound financial plans.
As per SEBI regulations, it is mandatory for all Mutual Fund intermediaries to be certified and registered with The Association of Mutual Funds of India (AMFI). Intermediaries, who have successfully cleared the certification exam as well as applied for registration, will receive a unique AMFI Registration Number (ARN).
Distributor Specific FAQs
What is the difference between flat and trail brokerage?
A flat brokerage is a onetime payment that is payable upfront.
Calculation:
Flat Brokerage = Amount brought in by a broker x applicable brokerage rate
Calculation and payment of trail brokerage takes place on a quarterly basis. It depends on the average asset standing to the credit of a broker at the end of the quarter.
Calculation:
Trail brokerage = Average assets at the end of quarter x trail fee x no. of days / 365
As long as the investor stars invested with us, the broker continues to receive brokerage.
How to become an empanelled broker?
The process of becoming an empanelled broker entails submitting a duly filled agency application form which can either be downloaded from Mirae Asset website, or can be easily obtained from any of our offices upon request.
Procedure for registration as an authorized Distributor for Mutual Fund as per SEBI circular dated January 15, 2003:
- For Individuals: An individual must submit the duly filled application form along with his photo identity card issued by AMFI at the respective Mirae Asset branch office.
- For Others: The application form with certificate of registration bearing AMFI Registration Number (ARN) should be submitted.
The SEBI circular exempts senior citizens i.e. individuals who have completed 60 years of age as on December 31, 2002 from obtaining ARN number. Such applicant shall enclose proof of age and a recommendation from any member AMC(s), certifying that he/she has worked for 2 years as an intermediary, and has canvassed a minimum business of Rs. 2,00,000/- over a considerable period during the last 2 years.
If the applicant cannot comply with any of the requirements, then he/she needs to obtain ARN from AMFI.