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A New Cadre of Distributors

In terms of SEBI Circular no.CIR/IMD/DF/21/2012 dated September 13, 2012, a new Cadre of distributors such as postal agents, retired government and semi- government Officials (class III and above or equivalent), retired teachers and retired bank officers with a service of at least 10 years, and other similar persons (such as Bank correspondents) as may be notified by AMFI/AMC from time to time, have been allowed to sell units of simple and performing mutual fund schemes.
SEBI has introduced the new cadre of distributors with a view to expand Distributors Base for Mutual Fund products.
AMFI through its circulars issued from time to time has included the following persons in this new cadre of distributors:
1) Intermediaries / Agents engaged in distribution of financial products e.g. insurance agent, FD agent, National Savings Scheme products, PPF, etc. registered with any other Financial Services Regulator.
2) Business correspondents appointed by Banks.
All the new cadre of distributors would require a simplified form of NISM certification And AMFI Registration. The National Institute of Securities Market (NISM) has launched The Continuing Professional Education (CPE) and Test programme for the new cadre of Distributors and registration for the same commenced from January 14, 2013.
Further, AMFI has waived registration fees for all the distributors registering for the first time in the categories of Individuals (including Sr. Citizen) and new cadre of Distributors during the period from 1st February 2013 to 31st March 2014, subject to fulfilling of certain conditions.
Simple and performing mutual fund schemes shall comprise of diversified equity schemes, fixed maturity plans (FMPs) and index schemes which have returns equal to or better than their scheme benchmark returns during each of the last three financial years (April to March) and does not include Thematic / Sector funds, Small Cap, Mid Cap or Micro Cap funds and Concentrated funds i.e., where the number of stocks the scheme will hold is less than 30 as per the offer document.
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