ARN and EUIN: the Registration Behind a Distributor
Two numbers identify who is selling a mutual fund: the ARN, which belongs to the distributor, and the EUIN, which belongs to the individual who dealt with the investor. This lesson explains how each is obtained, how long it lasts, and what registration does and does not show.
The ARN: the distributor's number
The AMFI Registration Number (ARN) belongs to the distributor, whether that is an individual or a firm. It is issued by the Association of Mutual Funds in India (AMFI) after two things are in place: NISM certification and a Know Your Distributor (KYD) check.
The certification is NISM Series V-A for mutual funds, or Series V-D, which covers both mutual fund schemes and Specialized Investment Funds. KYD is a verification of the distributor's own identity and details, done as part of registration. It is separate from Know Your Customer (KYC), which is the check carried out on each investor.
The EUIN: the individual's number
A large distributor, such as a bank, may hold one ARN and have thousands of staff who sell. The ARN alone would not show which of them dealt with a particular investor.
The Employee Unique Identification Number (EUIN) fills that gap. It belongs to the individual employee or salesperson, so a sale can be traced to a person even when a firm holds the ARN. PAN and folio number identify the investor; the ARN and EUIN identify the seller.
Validity, renewal and loss of registration
An ARN is valid for three years. Its validity runs in step with the holder's NISM certificate, so the certificate has to be renewed for the ARN to be renewed. An EUIN follows the same three-year period.
Registration can also be lost. Breaches of AMFI's code of conduct can lead to suspension or cancellation of the ARN. An investor can check an ARN on AMFI's website before dealing with anyone.
Registration shows that a seller is authorised to distribute. It is no assurance about any scheme's returns.
Rules at a glance
One ARN, many EUINs (illustrative)
A bank holds a single ARN as a distributor. Nisha, an employee at one of its branches, has passed the NISM examination and holds her own EUIN. When she deals with an investor, the sale is linked to the bank's ARN and to her EUIN.
If a question later arises about what the investor was told, the EUIN shows which individual dealt with the investor. The ARN shows only that the bank was the distributor.
Key points
- The ARN is the distributor's registration number, issued by AMFI after NISM certification and a KYD check.
- NISM Series V-A covers mutual funds; Series V-D covers mutual funds and Specialized Investment Funds.
- The ARN is valid for three years, tied to the NISM certificate, and renewable.
- The EUIN identifies the individual employee or salesperson who dealt with the investor.
- Breaches of AMFI's code can lead to suspension or cancellation of the ARN.
Common misunderstandings
- The EUIN does not identify the investor: it identifies the individual employee or salesperson who dealt with the investor.
- KYD is not KYC: KYD verifies the distributor at AMFI registration, while KYC verifies each investor.
- An ARN does not last indefinitely: it is valid for three years, in step with the NISM certificate, and has to be renewed.
Questions people ask
Who holds the ARN in a large firm?
The firm. Its employees who deal with investors each hold an EUIN, which identifies the individual.
How can an investor check a distributor's registration?
By looking up the ARN on AMFI's website.
Does a valid ARN say anything about the schemes being sold?
No. It shows that the seller is registered to distribute. It is no assurance about any scheme's returns.
What this lesson relies on
- AMFI Master Circular for mutual fund distributors (ARN, EUIN, KYD, validity and renewal)
- AMFI code of conduct for mutual fund distributors
- SEBI circular of 21 July 2026 on certification for distributors of Specialized Investment Funds
This lesson was reviewed independently against these sources on 8 October 2026. Rules change: check the current regulation, scheme document or policy wording before relying on any figure. This is education, not advice.