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NISM-Series-V-A: Mutual Fund Distributors · Legal and Regulatory Framework

AMFI Registration, ARN, EUIN and Distributor Code of Conduct

Updated 11 October 2026 · Fact-checked

A mutual fund distributor registers with AMFI to get an ARN (AMFI Registration Number). An individual must pass the NISM-Series-V-A exam. A firm gets its ARN through certified employees or key persons. Staff who interact with investors get an EUIN. Distributors must follow the AMFI code of conduct and the commission rules set by SEBI and AMFI.

Understand Distributor Regulation: AMFI Registration, ARN and Code of Conduct

Only registered people can sell mutual funds in India. The registration is done through AMFI (Association of Mutual Funds in India). The idea is simple: a seller must be qualified, identifiable and bound by ethics rules, so that investors are protected from mis-selling.

The ARN is the AMFI Registration Number. It is a unique number given to the distributor (an individual or a firm). An individual gets it after passing the NISM-Series-V-A exam and applying to AMFI with KYC documents and fees. A firm does not pass the exam itself. For a non-individual distributor, the ARN is granted on the basis of its certified employees or key persons, each holding a valid NISM certificate and an EUIN. Every transaction you route to a fund house must carry your ARN. The fund house uses it to pay you commission.

The EUIN is the Employee Unique Identification Number. It identifies the individual employee or relationship manager who actually interacts with the investor on behalf of the ARN holder. It is there because a firm holds one ARN but many staff may sell. The EUIN lets the regulator trace who gave the advice if the sale is later questioned. Remember the split: ARN identifies the distributor, EUIN identifies the person who sold.

The NISM certificate is valid for 3 years from the date of the examination. Registration with AMFI is tied to a valid certificate, so you must renew it by re-certification (re-taking the exam) before it expires. For details on ARN renewal and continuing professional education, check AMFI's current rules.

The code of conduct covers honest and fair dealing. In plain words: know your client and their needs, give suitable advice, disclose commissions and material facts, do not mislead, do not make false promises about returns, keep client data confidential, and do not rebate or pay inducements in ways the rules forbid. Distribution commission is paid by the AMC from the scheme's expenses within SEBI limits, and direct plans carry no distributor commission. Any violation can lead to suspension or cancellation of the ARN.

Key formulas to remember

ARN
ARN = AMFI Registration Number, unique to the distributor (individual or firm)
Quote it on every application you route. It decides who gets the commission. A firm's ARN rests on its certified employees or key persons.
EUIN
EUIN = Employee Unique Identification Number, unique to the employee or salesperson
Identifies the person who gave the advice. Meant to reduce mis-selling and to track the actual seller.
Eligibility to register
Individual: NISM-Series-V-A pass + AMFI application + KYC = ARN. Firm: ARN is granted on the basis of its certified employees or key persons, each with a valid NISM certificate and EUIN
The NISM certificate is valid for 3 years from the date of the examination.
NISM-Series-V-A exam pattern
100 questions, 100 marks, 2 hours, pass 50%, no negative marking
Because there is no negative marking, attempt every question.
ARN vs EUIN
ARN → firm or individual distributor; EUIN → individual who sells
Where a firm's staff sell, each person quotes their own EUIN alongside the firm's ARN. The firm's ARN depends on those certified people holding valid NISM certificates.

How to solve Distributor Regulation: AMFI Registration, ARN and Code of Conduct questions

Most questions on this topic test one fact: who, what or how long. Use the steps below to find the right option.

  1. 1Read the question and mark what is asked: ARN, EUIN, NISM certificate, commission or code of conduct.
  2. 2Decide who the question is about: the distributor entity or the individual employee who advises.
  3. 3If it is an identifier question, match ARN to the distributor and EUIN to the individual salesperson.
  4. 4If it is a time question, recall that the NISM certificate is valid for 3 years from the date of the exam.
  5. 5If it is a conduct question, choose the option that protects the investor: suitability, disclosure, no misleading claims, confidentiality.
  6. 6Cross out options with absolute words like always, never or guaranteed unless they match a known rule.
  7. 7Check the remaining options against your rule and pick the one that fits exactly.

Quickest way: Who, what, how long

When to use it: Use this when you have under a minute and the question asks for a definition, identifier or validity period.

  1. Ask: is it about the firm or the person? Firm or distributor means ARN. Person who advised means EUIN.
  2. Ask: is it about time? Think 3 years for the NISM certificate.
  3. Ask: is it about behaviour? Pick the investor-protective, fully disclosed option.
  4. Eliminate any option that promises returns or hides commission.

Common mistakes in Distributor Regulation: AMFI Registration, ARN and Code of Conduct

  • Treating ARN and EUIN as the same number.

    Both are codes quoted on application forms, so they look alike.

    Fix: ARN belongs to the distributor. EUIN belongs to the individual who sold. A firm has one ARN but many EUINs.

  • Thinking the NISM certificate never expires.

    Students confuse it with a degree.

    Fix: It is valid for 3 years from the date of the examination. Registration depends on a valid certificate.

  • Assuming the exam has negative marking and skipping questions.

    Many other NISM series (such as VI, VII, VIII) carry negative marking of 25%.

    Fix: NISM-Series-V-A has no negative marking, so answer every question.

  • Choosing an option that allows guaranteeing returns to win a client.

    It sounds like helpful selling.

    Fix: The code of conduct forbids misleading statements. A distributor cannot promise or guarantee returns on market-linked schemes.

  • Believing distribution commission is a separate payment by the investor on top of the scheme's costs.

    Students mix up advisory fees and distribution commission.

    Fix: Distribution commission is paid by the AMC from the scheme's expenses within SEBI limits. Direct plans carry no distributor commission.

  • Confusing pass percentage across NISM series.

    Series VI and VIII have 60% pass, but V-A has 50%.

    Fix: For V-A the pass mark is 50% out of 100 marks.

Worked examples

Example 1

Which of the following correctly describes the EUIN in a mutual fund transaction? (a) It is the registration number of the AMC. (b) It identifies the employee or salesperson who advised the investor. (c) It is the folio number of the investor. (d) It is the NISM certificate number.

Show the solution
  1. The question asks what EUIN identifies.
  2. EUIN stands for Employee Unique Identification Number.
  3. It is linked to the individual who gave the advice, not to the firm.
  4. The AMC registration, folio and NISM certificate are different identifiers, so options (a), (c) and (d) do not fit.

Answer: (b) It identifies the employee or salesperson who advised the investor.

Example 2

Meera passed the NISM-Series-V-A exam on 10 June 2023 and obtained an ARN. Until which date is her NISM certificate valid, and what must she do before then to stay registered?

Show the solution
  1. The certificate is valid for 3 years from the date of the examination.
  2. 10 June 2023 plus 3 years is 10 June 2026.
  3. Her registration depends on a valid certificate, so she must renew it by re-certification, that is, by re-taking the exam, before it expires.
  4. For any detail on ARN renewal or continuing professional education, she should check AMFI's current rules.

Answer: Valid for 3 years from the exam date, so until 10 June 2026. She must re-certify by re-taking the exam before that date to keep her registration valid.

Exam tips

  • Memorise the one-line split: ARN is for the distributor, EUIN is for the person who sold.
  • Know the V-A pattern: 100 questions, 100 marks, 2 hours, pass 50%, no negative marking. Attempt every question.
  • For code of conduct questions, the right option is almost always the one that puts suitability and disclosure first.
  • Reject options that mention guaranteed returns or hiding commission.
  • Remember the 3 year validity from the date of the examination; trap options use 1, 2 or 5 years.

Practice questions from Legal and Regulatory Framework

Distributor Regulation: AMFI Registration, ARN and Code of Conduct: frequently asked questions

What is the difference between ARN and EUIN?

ARN is the AMFI Registration Number given to the distributor, whether an individual or a firm. EUIN is the Employee Unique Identification Number of the individual who advises the investor. One ARN can have many EUINs under it.

How do I get an ARN as a mutual fund distributor?

As an individual, you pass the NISM-Series-V-A exam, then apply to AMFI with your KYC documents and the prescribed fee. After verification, AMFI issues your ARN. A firm does not sit the exam. Its ARN is granted on the basis of its certified employees or key persons, each with a valid NISM certificate and EUIN. You must keep your certificate and registration valid.

How long is the NISM-Series-V-A certificate valid?

It is valid for 3 years from the date of the examination. You need to renew it before expiry to keep your registration active.

Is there negative marking in NISM-Series-V-A?

No. The exam has 100 questions for 100 marks in 2 hours, with a 50% pass mark and no negative marking. You should attempt all questions.

Why is EUIN important for investors?

It tells the regulator and the fund house which individual gave the advice. This helps trace mis-selling and makes the person accountable even when the sale goes through a firm's ARN.