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What is Canara Robeco smarT MFD ?
smarT MFD is a distributor portal from Canara Robeco which offers easy and paperless transactions with a host of analytics and reports. It enables you to provide excellent client servicing by way of online transacting, tracking real-time status and generating reports and updates. You can access without compromising on your mobility as it is available constant and being responsive to accessible via desktop all browsers, tablets and mobile devices.
What are the features of smarT MFD ?
smarT MFD brings several features to reduce transaction times, internal cut-off times, transacting and tracking the status to your fingertips and increase your conversion rates. Some key features of smarT MFD are
- Instant Setup – Completely paperless
- Initiate the transactions for clients online
- Onboard new clients immediately
- Manage detailed client portfolio
- Track real time transaction status
- Insightful reports of your business performance
Who can gain access to smarT MFD ?
- MFDs empaneled with Canara Robeco Mutual Fund – smarT MFD is accessible to all MFDs who are already empaneled with us, can Sign-up on smarT MFD by entering their ARN.
- MFDs Not Empaneled with Canara Robeco Mutual Fund – MFDs who are currently not empaneled with us, need to first complete empanelment process with us. After reviewing the same, empanelment confirmation status will send to them to sign up on smarT MFD.
What types of transactions that I can initiate on behalf of my investors ?
smarT MFD enables you to initiate multiple types of transactions not only for your existing investors, but also for new investors as well. These include New Purchase, iSIP with Top-up, STP, Switch, SWP, Redemption, IDCWTP, Cancel SIP & Pause SIP.
Why is ARN required?
The Association of Mutual Funds in India (AMFI) is an organization dedicated to developing the Indian Mutual Fund Industry on professional, healthy and ethical lines and to enhance and maintain standards in all areas with a view to protecting and promoting the interests of mutual funds and their unit holders. AMFI acknowledges the role of those engaged in selling Mutual Funds and instructs having the highest standards of knowledge attitude and ethics. It introduced the process to register the intermediaries who have passed the certification test as AMFI Registered Mutual Fund Advisors (ARMFA), thus laying the foundation for an organized industry and allotting a unique code – ARN or AMFI Registration Number, along with an identity card. This means that an Intermediary will be able to partner with Mutual Funds and engage in their distribution only after registering with AMFI and obtaining the ARN. Mutual Funds are not permitted to transact with Intermediaries who are not registered with AMFI. Hence, an ARN is essential to participate in the distribution of Mutual Funds.
Who can be a mutual fund distributor?
Any of the following entities can become a distributor of the products of mutual funds by obtaining an ARN code from the Association of Mutual Funds in India (AMFI) and empanelling as Distributor with us: Individuals, sole proprietorships, partnership firms, companies, societies, co-operatives and trusts.
How can I empanel with canara robeco mutual fund as a distributor?
Canara Robeco offers Distributors the choice to empanel with us through both Online and Offline modes.
- Online
- Visit the Canara Robeco distributor Corner and click on ‘Empanel with us’.
- Distributor has to enter his ARN code to check ARN empanelment status.
- If Distributor is not empanelled with Canara Robeco MF – System will populate the contact details (masked) and OTP will be sent to the registered details.
- Post successful OTP Verification, distributor has to fill the online Empanelment form and submit it for review.
- Offline
- Click on the ‘Offline’ option
- Download the Empanelment form
- Fill the Empanelment Form and send it to us for review along with the supporting documents as prescribed in the form.
How long will take for the empanelment process to be completed with canara robeco MF?
After submitting the Online Empanelment application, approximately it will take 10 working days to empanel with Canara Robeco Mutual Fund.
What services will I get after empanelment with canara Robeco mutual fund?
As a distributor, you will get a host of feature including but not limited to the following:
- Dedicated RM
- Brokerage Structure
- Regular Addendums
- Brokerage Payout Intimation
- Information about non- payable of brokerage cases
Who is eligible for commission?
Only if a distributor is empanelled with us, and has not violated the terms and conditions of empanelment as specified by Canara Robeco MF; and fulfills all the terms of ARM as specified by AMFI and/or SEBI; will receives the commission.
Click Here to go through the Terms and Conditions if you are a Distributor with Canara Robeco MF.
What is brokerage and how is it paid?
Brokerage is a fee paid by Canara Robeco to the Distributors empaneled with Canara Robeco and through whose ARN, investments are made in Canara Robeco Fund schemes. Brokerage can be upfront or trail and is calculated as a percentage on the Funds Invested. Brokerage differs from scheme to scheme.
Brokerage payment will be made through DC/NEFT only. For distributors whose complete bank mandates are NOT available, please furnish the bank mandate along with a cancelled cheque or a copy of cheque at the earliest for Direct Credit / NEFT transfer of brokerages. We encourage you to opt for the Direct Credit/NEFT mode of payment so that you receive your brokerage faster & more efficiently. If correct or complete bank details are not furnished, in such a scenario brokerage payout will be released annually in the month of March every year and the threshold limit will be Rs. 50/- for payment in Physical Mode (Pay order/DD) annually. Brokerage Statement shall also be sent by email only.
What is the frequency of getting commission?
The Distributor will get the commission on a monthly basis, with 10 Business Days from end of every month. The same will be directly transferred to the Distributor’s bank account.
What are the GST details of canara robeco mutual fund & canara robeco asset management company?
Below are the :
- GST details of Canara Robeco Mutual Fund
- GST details of Canara Robeco Asset Management Company Limited
As a distributor, how can I update my bank mandate, how do I do it?
You can change your Bank Mandate by filling up the Bank Mandate Form and send scan copy OR courier to below mentioned address to us
The following documents have to be submitted along with the Bank Mandate Form:
- Bank Account Statement OR Cancelled Cheque OR a clear Cheque Photocopy
Distributor Services
Canara Robeco Asset Management Company Limited Construction House, 4th Floor, 5, Walchand Hirachand Marg,Ballard Estate, Mumbai – 400 001, India.
Email – service@canararobeco.com
If a folio has more than one distributor registered under it, then which folio or scheme details will the distributor be able to view?
The Distributor will be able to view only those folios under which they have placed transactions in the past.
What are the rules to be a compliant distributor?
There are a set of conventions that a distributor needs to abide by. A compliant distributor should:
- continuously have the validation of registry with AMFI
- as an ARN holder, comply with all circulars issued by AMFI and SEBI
- not claim brokerage for his/her own investment
- not share brokerage with his client
- submit the Self-Declaration form to the AMC before the end of the financial year
What are the consequences of being a non-compliant distributor?
If distributor does not comply with the above mentioned conventions, it can result in suspension of their AMFI Certificates. In case the Self-Declaration form is not submitted to the AMC before the end of the financial year, or within 3 months from the start of next financial year, then his brokerage will be suspended thereafter till submission.
For any further queries, please contact our Distributor Service Team to 022- 6658 5097 or email us at service@canararobeco.com
What is Employee Unique Identification Number (EUIN)?
As per SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012, AMFI is required to create a unique identity number of the employee/ relationship manager/ sales person of all ARN (AMFI Registration Number) holders interacting with the investor for the sale of mutual fund products, in addition to the AMFI Registration Number (ARN) of the distributor
The unique identity number of such an employee is referred to as Employee Unique Identification Number (EUIN). The EUIN is a seven digit unique alpha numeric number, with one alphabet and six numerals, for example E123456 allotted to each Sales Person holding a valid NISM certificate and associated with an ARN holder.
What is the benefit of providing EUIN?
- EUIN will assist in tackling the problem of mis-selling even if the employee/relationship manager/sales person leave the employment of the ARN holder / Sub broker.
- It aims to inculcate a sales responsibility to the employee/relationship manager/sales person and thereby make all salespersons responsible for their actions.
Who will maintain the EUIN database?
The EUIN database will be maintained by the AMFI-unit of CAMS.
To whom will the EUIN be allotted?
EUIN is a unique number allotted to the sales persons of all ARN holders. It is also allotted to Individual/Sole Proprietorship ARN holders in their individual capacity as Sales Person.
- Individual/Sole Proprietorship : ARN holders have to obtain EUIN from AMFI. They have to intimate AMFI-unit of CAMS in case they employ any Sales Person so that EUIN could be allotted to them.
- Individual ARN : (Senior Citizen Category):ARN holders registered under Senior Citizen category who have employees/ relationship managers/ sales persons working under them for selling and marketing Mutual Fund products under their ARN are required to register these employees under their ARN and obtain the Employee Unique Identification Number (EUIN) for them.
- Overseas Distributors: As per AMFI circular CIR/ARN/-14/12-13 dated July 13, 2012, EUIN will not be applicable for overseas distributors who comply with the requirements.
How does the Corporate ARN holder get EUIN for the employees engaged by him in the sales of Mutual Fund products?
AMFI has advised CAMS to generate Employee Unique Identification Number (EUIN) for employees of distributors who are currently registered with AMFI and having a valid registration. The details of such employees along with their EUIN would be intimated to the corporate ARN holders, with a request to return ARN card issued to such employees and the new EUIN card will be issued to them.
Is it necessary to enter the EUIN in the application/transaction form along with the Distributor Code?
Yes. With effect from October 1, 2013 providing EUIN of the concerned sales person in the application form / transaction slips (in addition to entering the ARN code / Sub Broker ARN code/Sub-broker code, as applicable) is mandatory for all transactions, including transactions routed through stock exchanges.
ARN holders have to ensure that the sub broker affixes his/her ARN code and the EUIN of the Sales Person in the columns separately provided in the transaction slips / application forms. This is in addition to the practice of affixing the internal code issued by the main ARN holder
Individual ARN holders who are Sales Persons themselves (either as the main distributor or the sub broker) shall affix the EUIN allotted to them in the transaction slips / application forms.
Channel distributors and on-line distributors are required to provide the EUIN in the electronic transaction feeds.
What is the type of transactions to which EUIN would be applicable?
Purchases, Switches, Registrations of SIP / STP / DTP facility.
What is the type of transactions to which EUIN would not be applicable?
Ongoing SIP/ STP / SWP / STP, Dividend Reinvestments, Redemption, SWP Registration, Zero Balance Folio creation and installments under DTP facility
What is the effective date of EUIN?
For transactions as mentioned above EUIN is effective from June 1, 2013, executed through all modes except for the following modes which shall be implemented by October 1, 2013.
- Mobile / SMS based transactions.
- Transactions received through the Stock Exchange Platform.
- ATM based
- Call Center originated
Is EUIN validity linked to the main ARN holder’s expiry?
No, the EUIN validity is not linked to the main ARN holder’s expiry as the Sales Person may move from one ARN to another.
Who will track the tenure of a sales person with a particular ARN holder?
AMFI-unit of CAMS will track the period for which a Sales Person / EUIN is tagged to a particular ARN holder i.e. both start date and end date of an EUIN’s association with a ARN holder will be recorded and maintained for future reference.
Should the ARN holder intimate anyone regarding appointment or resignation of sales person to whom EUIN is allotted?
Yes. ARN holders shall notify the AMFI-unit of CAMS about a Sales Person engaged in the distribution of Mutual Funds, joining or exiting the organization quoting the employee’s EUIN immediately.
What action would be taken if any complaint is received from the investor, AMC, ARN holder or the regulator against the Sales Person?
On receipt of complaint against a Sales Person from an Investor, AMC, ARN holder or the Regulator, the AMFI ARN Committee shall carry out investigations and advice AMFI-unit of CAMS about the continuation or suspension of the EUIN.
What is an Invalid EUIN mean?
The following cases will be considered as an Invalid EUIN:
- EUIN not available in the EUIN master provided by the AMFI unit of CAMS.
- EUIN beyond the validity period
- EUIN not mentioned and Investor declaration not provided in the application form
- Incorrect EUIN detail in the application form
- Change of EUIN (EUIN moving from one ARN to Another ARN not updated in the database provided by AMFI-unit of CAMS)
Will the EUIN be matched with main ARN or Sub-Broker ARN for validation?
EUIN will be matched with the EUIN Master provided by AMFI unit of CAMS. The scenarios are detailed in the table below:
- If Main ARN, Sub Broker ARN and EUIN is provided, in this case EUIN will be matched with the Sub Broker ARN only.
- If Main ARN and EUIN is provided, but Sub Broker ARN is not provided, in this case EUIN will be matched with the Main ARN only
What is the mode of communication for raising clarification with the distributors?
SMS, Email communication would be triggered when EUIN or Sub Broker ARN is invalid.
If Business is obtained by the ARN holders without registering for EUIN or without entering the EUIN obtained from AMFI, what is the impact on the Brokerage/commission for such transactions?
No brokerage/commission will be paid to ARN holders for the business acquired by them without registering or entering the EUIN obtained from AMFI.
In case where EUIN along with ARN code / Sub Broker ARN code, as applicable, have been obtained but not provided, the ARN holder is required to remediate the same within 30 days for all transactions submitted post October 1, 2013 as per AMFI Circular dated August 27, 2013 from the date of transaction either by providing the EUIN details or the declaration signed by the investor in separate Form.
In case EUIN is not provided within 30 days, brokerage/ commission on the concerned transaction shall be forfeited permanently.
With effect from July 1, 2014, (as per AMFI’s recommendations), the remediation period has been changed to 7 days from the end of the month in which the transaction is submitted. For example, all those transactions which are submitted during July 2014 without EUIN have to be remediated as per the process stated above on or before August 7, 2014.
What needs to be done if a transaction is routed through an ARN but EUIN is not mentioned in the transaction slip?
As per the provisions of SEBI in the circular date 27th August 2013, that EUIN is mandatory for non-advisory transactions (execution only) also, though the advice relating to the scheme or asset class is only incidental. However, in case of any exceptional cases where there is no interaction by the employee/sales person/relationship manager of the distributor/sub broker with respect to the transaction, AMCs shall take the declaration separately signed by the investor.
Please get a declaration signed from the investor within 30 days# which states:
“I/We hereby confirm that the EUIN box has been intentionally left blank by me/us as this transaction is executed without any interaction or advice by the employee/relationship manager/sales person of the above distributor/sub broker or notwithstanding the advice of in-appropriateness, if any, provided by the employee/relationship manager/sales person of the distributor/sub broker.”
For transactions received on or after April 1, 2014, in case the above declaration is not provided within 30 days, brokerage on the transaction shall be forfeited permanently.
Will transaction charges be applicable for Invalid EUIN transactions and paid to the distributor?
Transaction charges are termed as Incidental Expenses which will be deducted and paid to the distributor for invalid EUIN transactions.
If a common transaction slip (made by distributors) and EUIN is mentioned, will it be accepted?
In such a case, the transaction slips will be accepted subject to Compliance approved. Further, care should be taken to ensure that EUIN should be clearly mentioned on the slip to avoid data capture error
What needs to be done if the Investor wants to change the EUIN?
The EUIN can be changed if received within the stipulated period for remediation (30 days from the date of transaction for transactions submitted post October 1, 2013). The Investor must ensure the EUIN is valid and tagged to the ARN holder that has not expired
