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MFD PLAYBOOK · VOLUME 4

₹10 Cr to ₹50 Cr AUM: From Practice to Firm

Team, structure, the rules that come with size, other products and their licences, tax, systems and succession.

Edition of 30 October 2026
Draft by Deepak Singla · AMFI-registered Mutual Fund Distributor (ARN-76535) · 9 chapters · 41 rules, each with its source
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READ THIS FIRST
  • Edition of 30 October 2026. Rules cited are as on that date; a later circular overrides anything here.
  • Where a point rests on press reports or a practical reading rather than a rule, it says so.
  • Not investment, legal or tax advice. Not issued or reviewed by AMFI, SEBI, IRDAI or NISM. Draft by Deepak Singla, an AMFI-registered Mutual Fund Distributor (ARN-76535).

This volume is for an MFD with a book of around ₹10 Cr who wants to build a firm that can reach ₹50 Cr and beyond — with a team, written systems, and the registrations that growth brings.

It mixes two kinds of content. Practice advice — team shapes, checklists, frameworks — is a starter template to adapt. Rules are marked as rules, each with its source (circular, paragraph and date) as on 30 October 2026, in the same style as Volume 3.

Some of what is here sits outside mutual funds: other products, GST and income tax, insurance. Those are summaries for planning. For your own decisions, read the current regulation and talk to your CA or lawyer.

Chapter 1

What changes between ₹10 Cr and ₹50 Cr

Up to about ₹10 Cr, many MFDs run the practice on their own memory and their own hours. Beyond it, the work no longer fits in one person: more clients, more forms, more staff, more products asked about — and more rules that start to apply to you because of your size.

The shifts

  • From doing everything yourself to deciding who does what — and staying responsible for all of it.
  • From a proprietorship to, perhaps, a partnership, LLP or company — with its own ARN, fees and paperwork.
  • From one product line to clients asking about others — each with its own regulator, licence and exam.
  • From "my commission" to a business with GST, TDS, salaries and a bank account that is not your personal one.
  • From "I will always be here" to a written plan for what happens to your clients and your family if you are not.

Why it matters

The habits that built the first ₹10 Cr — personal attention, quick replies, doing every form yourself — are the ones that break first when the book grows. The firms that cross ₹50 Cr without trouble usually replace memory with written systems before they need them, not after.

THE FRAMEWORK
  • The Write-It-Down Test: if you were away for a month, could someone in your office serve every client correctly — forms, renewals, complaints — from what is written down? Each "no" is the next system to build.
Checklist for this chapter
Chapter 2

Building a team

The first hire is the hardest decision and the most valuable one. The rules decide who may talk to clients about schemes; your systems decide whether they do it well.

The rules

  • Every person who sells or markets mutual fund units for you — including employees — must hold a valid NISM Series V-A certificate (or V-D, which also covers mutual funds) and an EUIN mapped to your ARN.AMFI Master Circular for MFDs (14 Jan 2026), paras 1.1.1 and 1.9; SEBI circular of 21 Jul 2026 on SIF certification
  • The EUIN of the employee who actually dealt with the investor must be written on the application form. A missing or invalid EUIN must be corrected within 30 days or that commission is forfeited.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 7 Code of Conduct 4(i)(iv); AMFI Master Circular for MFDs (14 Jan 2026), paras 5.2.1-5.2.3
  • You must train your representatives — including in the Code of Conduct and in responsible use of social media — and notify the AMC and AMFI in writing if a representative commits an act of moral turpitude or financial irregularity, or is dismissed for it.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 7 Code of Conduct 5(b) and 5(f)
  • Training or recognition programmes for your staff and sub-distributors must be held in India, at a reasonable cost, and never at an exotic destination or abroad. Competitive contests that promote selected schemes are not allowed.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 8, paras B.2-B.4

A typical shape (an illustration)

  • Operations: KYC, forms, mandates, statements, renewals, the complaint register. No scheme discussions unless certified.
  • Relationship staff: certified (NISM and EUIN), each with a list of clients, working to your written suitability and disclosure process.
  • You: suitability sign-off on anything unusual, complaints, compliance, the firm.
  • Write a one-page job description for each role, including what the person must never do.
✓ Do
  • Pay relationship staff in a way that rewards service and retention — reviews done, complaints closed — not scheme-specific sales.
  • Keep a register of every staff member's NISM and EUIN expiry date.
✗ Don't
  • Don't let an uncertified person "just explain" a scheme to a client.
  • Don't run staff contests on a particular fund house's schemes.
THE FRAMEWORK
  • The Two-Signature Rule: for any transaction that is large, unusual or "execution only", a second certified person checks suitability and the paperwork before it goes. It protects the client, the staff member and you.
Checklist for this chapter
Chapter 3

From proprietorship to firm

At some point many MFDs move from an individual ARN to a partnership, LLP or company. It can help with continuity, hiring and separating the business from the family's money — but it is a regulated change, not just a new letterhead.

The rules

  • A non-individual MFD (partnership, LLP, company) needs at least one employee with a valid NISM certificate and an EUIN mapped to its ARN. An individual's proprietorship is treated as the individual.AMFI Master Circular for MFDs (14 Jan 2026), paras 1.1.2 and 1.9.2
  • ARN fees (plus GST), mutual funds only: partnership ₹20,000 to register, ₹10,000 to renew; private limited company, OPC or LLP ₹40,000 / ₹20,000. With SIF registration on the basis of NISM V-D: partnership ₹40,000 / ₹20,000; private limited company, OPC or LLP ₹80,000 / ₹40,000.AMFI Master Circular for MFDs (14 Jan 2026), Appendix (fees); AMFI CIR/ARN-33/2026-27 (28 Jul 2026)
  • The firm's name must follow the same rules as yours: no Adviser, Consultant, Planner or Wealth Manager words; the tagline "AMFI-registered Mutual Fund Distributor" with the name and ARN.AMFI Master Circular for MFDs (14 Jan 2026), paras 1.3.1-1.3.6
  • A distributor may transfer its entire book to a new ARN only in set cases — including a change of name or legal status, or a merger — with notice to every client and a 15-day window for any client to object; the RTA completes it within 15 calendar days.AMFI Master Circular for MFDs (14 Jan 2026), paras 6.2-6.4
  • The new entity must be empanelled with each AMC before it can do business; business under an ARN that is not empanelled is processed in the Direct Plan.AMFI Master Circular for MFDs (14 Jan 2026), para 4.1.1
  • Tell the AMC and AMFI promptly about any change in status, constitution, address or contact details.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 7 Code of Conduct 5(d)

Before you decide

  • Talk to your CA about tax, and to a lawyer about the partnership deed or the company's documents — this book cannot decide that for you.
  • Decide who the certified employee(s) will be, and who signs the annual self-certification for the firm.
  • Plan the AUM transfer: the client notice, the 15-day window, and the empanelments of the new entity, in that order.
  • Keep your personal ARN valid until the transfer is complete.
THE FRAMEWORK
  • The Clean-Switch Plan: new entity registered -> empanelled with every AMC -> clients notified with the 15-day window -> transfer requested -> old and new statements reconciled. Do not skip a step to save a week.
Checklist for this chapter
Chapter 4

Sub-distributors and partners

Some MFDs grow through other distributors — sub-distributors who place business under a principal. It can add reach quickly, and it adds responsibility just as quickly.

The rules

  • You may appoint sub-distributors only if they hold a valid ARN, and you are responsible and accountable for their acts.AMFI Master Circular for MFDs (14 Jan 2026), paras 4.2.1-4.2.3; AMFI Master Circular for MFDs (14 Jan 2026), Ch. 7 Code of Conduct 2(h)
  • Pay sub-distributors only trail commission, in money, with an audit trail — never in gifts or kind.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 8, para B.1
  • Collect each sub-distributor's annual Declaration of Self-Certification in the prescribed format, along with your own by 30 June.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 10, note to para 11.2
  • A sub-distributor can move all its AUM to its principal through the distributor-initiated transfer process, with client notice and a 15-day objection window.AMFI Master Circular for MFDs (14 Jan 2026), paras 6.2-6.4
✓ Do
  • Have a written agreement with every sub-distributor: payout, conduct standards, data handling, exit.
  • Check their ARN validity, name and marketing material at least once a year.
✗ Don't
  • Don't accept business from anyone without a valid ARN.
  • Don't let a sub-distributor use your name, logo or material without approval.
Checklist for this chapter
Chapter 5

The rules that start to apply as you grow

Some rules are written for larger distributors. You may not meet them at ₹50 Cr AUM — but commission income, number of locations or a single fund house's share can bring you there sooner than AUM alone suggests. Build for them early.

The thresholds

  • AMCs must carry out due diligence on distributors that meet any one of these: presence in more than 20 locations; non-institutional AUM (including HNIs) of over ₹100 crore across the industry; commission of over ₹1 crore a year across the industry; or over ₹50 lakh a year from a single mutual fund.SEBI Master Circular for Mutual Funds (20 Mar 2026), para 16.6.1
  • Such a distributor must classify every client relationship and transaction as either "advisory" — where it may sell only what is appropriate to the client's risk category, with no exceptions — or "execution only". For an execution-only transaction it believes unsuitable, it must tell the client in writing, get it acknowledged and confirmed as execution-only, and charge the client nothing for it.SEBI Master Circular for Mutual Funds (20 Mar 2026), para 16.6.1(b) and (d)
  • It must keep risk evaluation and scheme-appropriateness decisions separate from sales staff, and have defined processes for product review, client risk profiling, grievance handling, staff training and audit.SEBI Master Circular for Mutual Funds (20 Mar 2026), para 16.6.1(c)(iv) and (e)
  • AMCs monitor distributors, report breaches of the Code of Conduct to SEBI and AMFI, and suspend business and commission to a non-compliant distributor until it complies.SEBI Master Circular for Mutual Funds (20 Mar 2026), paras 16.7-16.8
✓ Do
  • Track, every quarter, your commission from each fund house and in total — the ₹50 lakh single-fund threshold can arrive before the AUM one.
  • Adopt the advisory / execution-only discipline now, while the book is small enough to change.
✗ Don't
  • Don't let one fund house dominate your book for commission reasons — concentration is both a suitability question and a threshold.
THE FRAMEWORK
  • The Audit-Ready Test: if an AMC's due-diligence team arrived next month, could you show your risk-profiling process, suitability notes, execution-only confirmations, complaint register and staff training records? Build the file before the visit.
Checklist for this chapter
Chapter 6

Beyond mutual funds: other products, other licences

Larger clients will ask about portfolio management services, alternative investment funds, specialised investment funds, bonds and insurance. Each is a different product with a different regulator, licence and exam. An ARN covers mutual funds (and SIFs, with the right certificate) — nothing else.

Specialised Investment Funds (SIF)

  • To distribute SIFs you need NISM Series V-D and a separate SIF registration with AMFI. Those who passed NISM Series XIII on or before 21 September 2026 may continue until it expires, with a valid V-A.SEBI circular HO/24/13/17(1)2026-IMD-POD-1/I/16895/2026 (21 Jul 2026), para 21.10; AMFI CIR/ARN-33/2026-27 (28 Jul 2026)
  • The minimum investment is ₹10 lakh per investor (PAN), counted across all strategies of the SIF; holdings in the same AMC's regular schemes do not count. Accredited investors are exempt. A fall below ₹10 lakh because of NAV is not a breach, but the investor can then only redeem in full.SEBI circular SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/26 (27 Feb 2025), Annexure A, paras 4.1-4.1.4

Portfolio Management Services (PMS)

  • Anyone who distributes PMS must be registered with the Association of Portfolio Managers in India (APMI), from 1 January 2025. APMI registration requires a valid NISM Series XXI-A (PMS Distributors) certificate, and lasts only as long as that certificate.SEBI circular SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/32 (2 May 2024), paras 4-5, now Master Circular for Portfolio Managers (16 Jul 2025), paras 2.4A.1-2.4A.2; SEBI notification SEBI/LAD-NRO/GN/2021/48 (7 Sep 2021); APMI criteria (28 Jun 2024)
  • PMS distributors are paid on a trail basis only, out of the fees the portfolio manager receives; prospective clients must be told what the distributor will earn; clients must be offered direct onboarding; and distributors follow the PMS distributor Code of Conduct with an annual self-certification.SEBI Master Circular for Portfolio Managers (16 Jul 2025), paras 2.3.1-2.3.3, 2.4.1.2-2.4.1.6
  • The minimum investment in PMS is ₹50 lakh (accredited investors excepted). New SEBI (Portfolio Managers) Regulations, 2026 were notified on 7 October 2026 and take effect on 1 April 2027; they keep ₹50 lakh and add a mutual-fund-only route with a ₹25 lakh minimum.SEBI (Portfolio Managers) Regulations, 2020, reg. 23(2); SEBI press release PR 59/2026 (24 Sep 2026); 2026 Regulations as reported (Business Today, 13 Oct 2026)

Alternative Investment Funds (AIF)

  • The minimum investment in an AIF is ₹1 crore per investor (₹25 lakh for the AIF's or manager's own employees and directors); accredited investors are exempt.SEBI (AIF) Regulations, 2012, reg. 10(c), as amended up to 18 Apr 2026
  • Every AIF must offer a direct plan with no distribution fee. The distribution fee must be disclosed at onboarding; for Category III it is equal trail only, and for Categories I and II up to one-third may be upfront with the rest as equal trail.SEBI circular SEBI/HO/AFD/PoD/CIR/2023/054 (10 Apr 2023), now Ch. 16 of the AIF Master Circular (2026)
  • No SEBI-mandated exam for AIF distributors was found as on this edition; NISM Series XIX-A (AIF Category I and II Distributors) is described by NISM as voluntary.NISM, Series XIX-A page (read 30 Oct 2026)

Bonds and listed debt

  • Online Bond Platform Providers must be registered as stock brokers with SEBI. An Authorised Person (AP) of a broker is appointed only with the exchange's specific prior approval, segment by segment, and needs the certification that applies to that segment.SEBI (Issue and Listing of Non-Convertible Securities) Regulations, reg. 51A; NSE circular NSE/COMP/55547 (8 Feb 2023); SEBI circular MIRSD/DR-1/Cir-16/09 (6 Nov 2009), Annexure 1, cl. 2-4
  • No rule was found that lets an MFD deal in listed bonds on the strength of an ARN alone. The practical reading: listed debt is dealt through a SEBI-registered stock broker or its exchange-approved AP.Practical reading, not an express rule — check with the broker and exchange

Insurance

  • Insurance is regulated by IRDAI, not SEBI. An individual insurance agent can represent at most one life, one general and one health insurer (plus mono-line insurers), and must pass the IRDAI-approved Insurance Agency Examination after the prescribed training.Insurance Act, 1938, s. 42(2); IRDAI (Appointment of Insurance Agents) Regulations, 2016, regs. 6 and 17(2)
  • A company or LLP that wants to distribute insurance needs registration as a corporate agent under IRDAI's corporate agent regulations; the number of insurers it may tie up with per line has been changed more than once, and IRDAI amended these regulations again on 30 July 2026. Check IRDAI's current text before applying.IRDAI (Registration of Corporate Agents) Regulations, 2015, as amended; amendment of 30 Jul 2026 as reported (PwC, 11 Aug 2026)
PENDING — WATCH THIS SPACE
  • IRDAI released a consultation paper around 23 September 2026 proposing caps on insurance commission and a clawback for mis-selling (press reports, e.g. Cafemutual, 24 Sep 2026). As on 30 October 2026 it was a proposal, not a rule.

How to think about new products

✓ Do
  • Get the licence and the exam before you discuss the product with any client.
  • Ask whether the product suits the client — minimums, lock-ins, costs, risk — before what it pays you.
  • Tell clients that each product has its own regulator and grievance route.
✗ Don't
  • Don't sell or "refer for a share" a product you are not registered for.
  • Don't move a client from mutual funds into another product because it pays more.
  • Don't take advisory fees: if you want to advise for a fee, that is a separate SEBI Investment Adviser registration — and an individual adviser cannot distribute at all, while a non-individual one must keep advisory and distribution clients separate at group level.
THE FRAMEWORK
  • The Licence-First Rule: regulator -> registration -> exam -> product understanding -> suitability -> disclosure. Only then the first client conversation.
Checklist for this chapter
Chapter 7

Tax, money and the business account

At ₹50 Cr AUM, commission becomes a business income with its own tax rules. Get your CA involved early; the points below are what to ask about, not a substitute for that advice.

GST

  • Mutual fund commission is a taxable supply of services. A service provider must register for GST once aggregate turnover across the PAN crosses ₹20 lakh in a year (₹10 lakh in a few special-category states); Haryana is a ₹20 lakh state. Insurance commission counts towards that turnover.CGST Act, 2017, s. 22(1) and s. 2(6); rate under Notification 11/2017-Central Tax (Rate) as amended — confirm the current rate with your CA
  • Insurance commission is under reverse charge: the insurer pays the GST. There is no reverse-charge entry for mutual fund commission, so a registered MFD charges and pays GST on it.Notification 13/2017-Central Tax (Rate) (28 Jun 2017), entries for insurance agents
  • From the April 2026 commission month, AMCs are reported to quote commission exclusive of GST: a GST-registered MFD invoices the GST on top within the RTA's monthly window, and an unregistered MFD receives the base commission only.Industry practice as reported (AMC brokerage structures; RTA FAQ; Cafemutual, 25 Feb and 14 May 2026) — no AMFI circular was found; confirm with your RTA

TDS

  • Under the Income-tax Act, 2025 (in force from 1 April 2026), TDS on commission or brokerage is 2% where the year's payments to a person exceed ₹20,000. This replaces section 194H of the 1961 Act. Check your TDS credits in your annual tax statement every quarter.Income-tax Act, 2025, s. 393(1), Table, Sl. No. 1(ii)

Money habits for a firm

  • Run all commission into a business account, separate from household money; pay yourself a salary.
  • Keep a reserve for clawbacks (for example on the B-30 / new-investor incentive and on SIP advance trail) and for GST and advance tax.
  • Reconcile commission statements against your folio records every month — missing EUINs and expired registrations show up there first.
  • Your own investments earn no commission; keep them in folios under your own name, not mixed into client business.
✗ Don't
  • Don't share commission with clients in any form — rebates are not allowed.
Checklist for this chapter
Chapter 8

Systems, data and security

A ₹50 Cr book is thousands of folios, mandates and documents. Systems are what let a small team serve it — and protecting the data in them is a duty, not an option.

The rules

  • Keep adequate records of your clients, physical or digital, including KYC records and your correspondence on the suitability of a scheme and the client's consent or dissent.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 7 Code of Conduct 3(d)
  • Maintain adequate digital infrastructure, including cybersecurity measures, and internal controls to detect and prevent mis-selling and financial loss.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 7 Code of Conduct 3(b)-(c)
  • Keep client information confidential; do not share it without consent, including with group companies for cross-marketing; use AMC-provided data only for its purpose and purge it when no longer needed.AMFI Master Circular for MFDs (14 Jan 2026), Ch. 7 Code of Conduct 2(f)-(g)
  • The Digital Personal Data Protection Act, 2023 and the DPDP Rules, 2025 (notified 13 Nov 2025) apply to anyone processing personal data digitally; the main duties — notice and consent, security safeguards, breach reporting, erasure — come into force around May 2027.DPDP Rules, 2025, G.S.R. 846(E) (13 Nov 2025); phased dates as reported — check the e-Gazette

What to build

  • One client record per family: KYC status, risk profile, goals, nomination, every suitability note and consent, every complaint.
  • A renewals and reminders calendar: NISM, ARN, EUINs, DSC, KYC re-checks, review dates.
  • Access control: each person sees only what the role needs; access removed the day someone leaves.
  • Two-factor login on email, transaction platforms and WhatsApp Business; no shared passwords.
  • Backups you have actually restored once, to prove they work.
  • A written note of what you would do in a data breach: who to tell, how, and how fast.
✗ Don't
  • Don't keep client PAN, Aadhaar or bank details in personal WhatsApp chats or personal email.
  • Don't give a vendor or a staff member's phone full client data "for convenience".
THE FRAMEWORK
  • The Leaver Test: when someone leaves, can you remove all their access within a day, and be sure no client data left with them? If not, fix access before you hire again.
Checklist for this chapter
Chapter 9

Succession and continuity

Your clients trust you with their families' money. A practice that cannot continue without you puts that trust — and your own family's income — at risk.

The rules

  • An individual MFD can register a nominee with AMCs. On the MFD's death, trail on business already procured goes to the nominee or legal heir until the investor changes distributor or redeems.AMFI Master Circular for MFDs (14 Jan 2026), para 5.5
  • The nominee or legal heir can move the clients to his or her own valid ARN, with the investors' consent, by applying within 12 months of the death.AMFI Master Circular for MFDs (14 Jan 2026), paras 6.5-6.6, incl. 6.6.3(f) (12 months under AMFI CIR/ARN-30/2025-26, 27 Oct 2025)
  • An investor may change distributor, or move to Direct, at any time without an NOC; the new distributor earns trail on those assets only after a 12-month cooling-off period.SEBI Master Circular for Mutual Funds (20 Mar 2026), para 15.9.1; AMFI Master Circular for MFDs (14 Jan 2026), paras 6.1.1-6.1.7

A continuity plan

  • Register your nominee with every AMC, and check it once a year.
  • Decide who would serve your clients if you could not — a family member who can qualify, a partner, or a trusted MFD — and talk to them now.
  • If a family member is to take over, they need their own NISM certificate and ARN in time to apply within the 12 months.
  • Keep a sealed "if I am not here" note: where the client records are, the passwords process, the AMC contacts, the CA and lawyer.
  • Tell your key clients, simply, that the practice has a plan. It builds trust rather than worry.
THE FRAMEWORK
  • The Two-Week Absence Test: take two weeks off and see what breaks. Everything that broke is a continuity gap.
STAY COMPLIANT
  • Every message about mutual funds carries your name, your ARN and the words "AMFI-registered Mutual Fund Distributor".
  • Never indicate or promise a return. If you show a figure, state the rate used and that it is an illustration.
  • The standard line goes on every advertisement or post, word for word: "Mutual Fund investments are subject to market risks, read all scheme related documents carefully."
  • The rules behind each of these, with their circulars, are in Volume 3: Compliance-first MFD Practice.
Checklist for this chapter

Appendix A — One-page checklist for a growing firm

Tick each line once a quarter.

  • Every person who discusses schemes: valid NISM and EUIN; register of expiry dates kept.
  • Staff pay and recognition reward service, not particular schemes; no contests; training in India at reasonable cost.
  • Firm name, ARN, empanelments and AMFI records current; any change of legal status done through the AUM-transfer process.
  • Sub-distributors: valid ARN, written agreement, trail-only payout, DSC collected.
  • Commission tracked per AMC and in total against the due-diligence thresholds; advisory / execution-only discipline in place.
  • For every non-MF product: the right registration and certificate before the first client conversation.
  • GST position confirmed with the CA; TDS reconciled; clawback and tax reserve kept; business account separate.
  • Client data: role-based access, two-factor login, tested backups, a breach plan.
  • Nominee registered with every AMC; a named person can serve clients if you cannot.

Appendix B — Sources used for this edition

Read for this edition on or before 30 October 2026. Volume 3 lists the mutual fund sources in full.

  • AMFI Master Circular for Mutual Fund Distributors, AMFI/MFD-CIR/32/2025-26, 14 Jan 2026; AMFI CIR/ARN-33/2026-27, 28 Jul 2026Certification and EUIN, firm registration and fees, names, empanelment, sub-distributors, AUM transfer, Code of Conduct, contests, DSC, nomination and succession.amfiindia.com — Distributor Corner — AMFI Circulars
  • SEBI Master Circular for Mutual Funds, 20 Mar 2026; SEBI circular on SIF certification, 21 Jul 2026; SEBI SIF circular, 27 Feb 2025Due diligence of larger distributors, change of distributor, SIF certification and minimum investment.sebi.gov.in — Legal — Circulars
  • SEBI Master Circular for Portfolio Managers, 16 Jul 2025; SEBI circular of 2 May 2024 (APMI); NISM Series XXI-A notification, 7 Sep 2021; SEBI PR 59/2026PMS distributor registration, certification, commission and minimums.sebi.gov.in; apmiindia.org; nism.ac.in
  • SEBI (AIF) Regulations, 2012, reg. 10(c); SEBI circular of 10 Apr 2023 on AIF direct plans and distribution feesAIF minimums, direct plan, distribution fee structure.sebi.gov.in — Legal
  • NCS Regulations reg. 51A and NSE circular of 8 Feb 2023; SEBI circular of 6 Nov 2009 on Authorised PersonsOnline bond platforms; Authorised Persons.sebi.gov.in; nseindia.com
  • SEBI (Investment Advisers) Regulations, 2013, reg. 22 (as amended up to 25 Nov 2025)Separation of advisory and distribution.sebi.gov.in — Legal — Regulations
  • Insurance Act, 1938, s. 42; IRDAI (Appointment of Insurance Agents) Regulations, 2016Insurance agent tie-ups and examination.irdai.gov.in
  • CGST Act, 2017, s. 22; Notifications 11/2017 and 13/2017-Central Tax (Rate); Income-tax Act, 2025, s. 393GST registration and rates; reverse charge for insurance agents; TDS on commission.cbic-gst.gov.in; incometaxindia.gov.in
  • Digital Personal Data Protection Rules, 2025, G.S.R. 846(E), 13 Nov 2025Data protection duties and phased dates.egazette.gov.in / meity.gov.in

Appendix C — What is changing next

Known on 30 October 2026. Check each before relying on this book.

  • SEBI (Portfolio Managers) Regulations, 2026: notified 7 October 2026, in force 1 April 2027.
  • IRDAI proposal (September 2026) to cap insurance commission and claw back on mis-selling: a consultation, not yet a rule.
  • IRDAI corporate agent amendment of 30 July 2026: existing corporate agents to obtain a new certificate by early 2027 (as reported).
  • NSE consultation (August 2026) on certification for Authorised Persons: proposed, not final.
  • SEBI Common Advertisement Code: in force around April 2027 (see Volume 3).
  • DPDP Act and Rules: main obligations from around May 2027.
A STARTER TEMPLATE — NOT LEGAL OR TAX ADVICE
  • The practice advice in this book is a starter template; every number and timeline in it is an illustration. The rules cited are as on 30 October 2026; where this book and a circular differ, the circular is right.
  • It is not investment, legal or tax advice, and it is not issued or reviewed by AMFI, SEBI, IRDAI or NISM. Every MFD is responsible for his or her own compliance; for tax and legal structure, consult your CA and lawyer.
  • Every message you send a client must carry your name, your ARN, the words "AMFI-registered Mutual Fund Distributor" and the line: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Any return figure needs the rate used and the past-performance line.

If this helped you build a better practice, please share it with fellow MFDs. If you have feedback, or a correction, write to info@aumsetu.com — the next edition will carry it, with its date.

— Draft by Deepak Singla, AMFI-registered Mutual Fund Distributor (ARN-76535), Aumsetu.com

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.