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After you pass

NISM, then ARN, then EUIN.

Passing NISM V-A is the starting line for mutual fund distribution, not the finish. Until you hold an ARN and an EUIN you cannot earn commission, and the order of steps matters.

  1. Download your NISM certificate

    It appears in your NISM account within days of passing. Save the PDF: AMFI asks for it with your ARN application.

  2. Complete KYD

    Know Your Distributor is AMFI’s one-time identity check. You give your PAN, Aadhaar, a photo and bank details, and your verification is captured through AMFI’s agency. Book it the day you pass; this is where people usually lose time.

  3. Apply for your ARN

    The AMFI Registration Number is the licence to distribute mutual funds, issued by AMFI, not SEBI. Apply online on the AMFI portal with your NISM certificate and KYD acknowledgement, and pay the registration fee AMFI notifies.

  4. Get your EUIN

    The Employee Unique Identification Number is per person, not per firm. An individual ARN holder gets one with the ARN; a firm needs a separate EUIN for every employee who deals with investors. It must be recorded on every transaction you source.

  5. Empanel with fund houses

    An ARN lets you distribute but doesn’t connect you to any fund house. Empanel with each AMC directly or through a platform that does it for you.

  6. Stay valid

    Your NISM certificate and ARN both expire. Renew V-A through NISM’s CPE programme before the date, because a lapsed ARN stops trail commission on your whole book.

Example
Pass NISM V-A (prepare for 3 to 4 weeks)Week 4
KYD biometrics doneWeek 5
ARN application filed with feeWeek 5
ARN and EUIN issuedWeek 7 to 8
Empanelled through a platformWeek 8
First commission-eligible SIPAbout 2 months
Exam trap, and a real-life one
Watch out. Do not sign up a single client between passing the exam and receiving your ARN. Transactions placed without a valid ARN and EUIN earn no commission, cannot be back-dated, and can be treated as unregistered distribution. Also note that both the NISM certificate and the ARN expire; put the renewal date in your calendar now, because a lapsed ARN stops trail on your entire book.
Official portals
AMFI NISM portal

Forms, fees and timelines are set by AMFI and NISM and can change. Treat this page as a guide and follow the portal.

Free course · Running your practice

From ARN to a working practice.

Six chapters on the paperwork, the rules that get distributors in trouble, and how a distribution practice actually works.

01From NISM certificate to ARN and EUIN: the exact sequence6 min · The four steps between passing NISM V-A and being allowed to sell a mutual fund.02Onboarding a client in ten minutes: KYC link, mandate, first SIP6 min · What actually happens in the first ten minutes, and why the money never passes through you.03Suitability and proposals: matching a goal to a plan without promising returns6 min · How to turn "I want ₹10 lakh in seven years" into a plan that is honest about what is unknown.04The rules that get distributors in trouble: AMFI code, commission disclosure, EUIN, mis-selling7 min · The handful of rules behind almost every ARN suspension, and how to stay on the right side of them.05The maths of a practice: trail commission, sub-distribution shares, and what a ₹1 crore SIP book earns6 min · How trail is calculated, how the 90% share works, and what a ₹1 crore book pays you each month.06Growing the book: referrals, reviews, step-ups and keeping clients through a fall6 min · The four habits that grow AUM without buying leads, and the one week a year that decides your practice.