AMFI Code of Conduct

Code of Conduct & Operational Master Guidelines

Regulatory guidelines and professional standards applicable to Mutual Fund Distributors, covering investor dealings, compliance, infrastructure, client obligations and industry integrity.

Circular Source

Association of Mutual Funds in India (AMFI)

Release Date

January 14, 2026

Framework Scope

MFD Registration, Empanelment, & Fiduciary Protocols, MFI/MFD-CIR/32/2025-26 — Statutory Compilation Compliance.

Regulatory Directive Overview

Pursuant to Chapter 15 of the SEBI Master Circular and Clause 15.7 of the SEBI Mutual Funds Framework, all entities engaged in the distribution and marketing of mutual fund units must be formally registered with AMFI, hold a valid ARN/EUIN code mapping, and strictly fulfill the operational boundaries of the industry Code of Conduct.

I. Purpose and Scope of the Code

a. This Code of Conduct ("Code") requires Mutual Fund Distributors to demonstrate the core values of being a fiduciary by establishing professional standards in their dealings with the investors, Asset Management Companies ("AMCs"), and other distributors so as to exemplify the values of transparency, competency, fairness, integrity and thereby seek to inspire and maintain trustworthiness in the profession of distribution of Mutual Fund schemes.

b. This Code applies to all persons and entities who are registered with the Association of Mutual Funds in India (AMFI) as mutual fund distributors i.e. holders of AMFI Registration Number ("ARN") (referred to as "MFDs" in this Code) and is binding on all the Directors/partners, members, sub-distributors, employees and representatives of the MFDs (collectively referred to as "Representatives" in this Code).

The term "MFDs" is deemed to include the sales personnel of the MFDs engaged in marketing, sale and distribution of mutual fund products.

II. Obligations of the MFDs

1. Fundamental Fiduciary Principles (Chapter 7)

A. Paramount Client Interest

Distributors must prioritize the investor's interest above all commercial objectives, executing meticulous objective matching and independent due diligence across all product mapping functions. Recommendation structures must be aligned solely with asset suitability parameters rather than individual scheme financial incentives or commercial targets.

MFDs should try to avoid conflict of interest as far as possible, and when it cannot be avoided, they shall ensure that appropriate disclosures are made to the investors, and that the investors are treated fairly. Further, while selling Mutual Fund products of their group/affiliate/associates, MFDs shall make appropriate disclosures to the investors regarding the conflict of interest arising from distribution of such Mutual Fund scheme.

B. Prohibitions on Rebating & Inducements

MFDs shall not rebate or pass-back commission to investors and shall refrain from attracting investors through inducement of rebate or gifts / gift-vouchers etc. MFDs are explicitly prohibited from passing back, splitting, or rebating commission components to the investor, either directly or indirectly.

Attracting investment traffic through gifts, gift vouchers, cash handbacks, or artificial side incentives is treated as a major ethical violation under AMFI protocols.

C. Prevention of Churning and Malpractices

Intermediaries must strictly abstain from market manipulation setups, including over-transacting, asset churning to accumulate transaction codes, splitting applications to bypass systematic thresholds, or participating in parameter defaults or misrepresentative layout disclosures.

MFDs shall not collude or undertake malpractices such as:

  • encouraging over transacting and churning of investments to earn higher commissions.
  • splitting applications to earn higher transaction charges / commissions.
  • participating in payment defaults (such as dishonoring of cheques) or diversion of funds.
  • making false claims for or participating in wrongful dividend / redemption payouts.
  • carrying out unethical practices such as churning, selling unsuitable products to clients, selling of units of schemes of any mutual fund, directly or indirectly, by making false or misleading statements, concealing or omitting material facts of the scheme, concealing the associated risk factors of the schemes, etc.

2. Compliance Related Obligations

  • MFDs shall adhere to Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 ("Mutual Fund Regulations") and guidelines/circulars issued by SEBI and AMFI from time to time, pertaining to distributors, selling, distribution and advertising practices and code of conduct.
  • MFDs must also adhere to restrictions prescribed under other SEBI Regulations as may be applicable to their marketing, selling and distribution activities.
  • MFDs shall comply with the Know Your Distributor ("KYD") norms prescribed by AMFI.
  • MFDs should endeavor to be fully conversant with the key provisions of the Scheme Information Document ("SID"), Statement of Additional Information ("SAI") and Key Information Memorandum ("KIM").
  • MFDs should seek information from their clients about their financial status, investment experience and investment objectives in order to assess suitability.
  • MFDs shall ensure that their Representatives have the necessary education and experience to perform their respective services.
  • MFDs and their Representatives shall maintain confidentiality of all information relating to the AMCs and investors.
  • MFDs and their Representatives shall comply with the Data Sharing Principles prescribed by AMFI and applicable laws on Personal Data Protection.
  • MFDs shall adhere to contractual agreements with AMC relating to data privacy.
  • MFDs shall ensure that they and their sub-distributors are compliant with SEBI regulations, AMFI guidelines and code of conduct at all times.

3. Infrastructure, Record Keeping and Other Related Obligations

Physical Infrastructure

MFDs should maintain necessary infrastructure to support the AMCs in maintaining high service standards to investors and ensure that critical operations such as forwarding/submission of forms and cheques etc. to AMCs/RTAs are appropriately supported.

Digital Infrastructure

In view of increased initiatives towards digitization of mode of performance of services, including new client on-boarding, transaction processing and ongoing servicing for investors, MFDs should adopt adequate information technology related infrastructure, including cyber security measures to maintain confidentiality of electronic data during collection, transmission and storage.

Internal Control, Financial and Operational Resources

The MFDs should have internal control procedures and financial and operational systems and processes which can be reasonably expected to detect and prevent mis-selling as well as mitigate financial loss arising from fraud and other dishonest acts, professional misconduct or omissions, theft, or force majeure events.

Record Keeping

MFDs should maintain adequate records in relation to clients, whether in physical or digital form, as applicable, in compliance with applicable laws and SEBI regulations, including KYC records as well as correspondence with the investors on particular scheme or transaction suitability and consent/dissent of the investors.

4. Client Related Obligations

  • MFDs shall provide full and updated information on schemes, as provided to them by the AMCs, to the investors including SAI, SID, addenda, performance reports, fact sheets, portfolio disclosures and brochures.
  • MFDs shall highlight risk factors of each scheme to their investors, desist from making any misrepresentation or exaggerated statements or conceal associated risk factors of a scheme.
  • MFDs shall disclose to the investors all material information including all commissions received or receivable by them for different competing schemes.
  • MFDs shall disclose to their clients the list of mutual funds they are affiliated with and inform clients that the information provided is limited to products being distributed/promoted by the MFDs.
  • If the MFD is an associate/group company/sponsor of AMC, the MFD shall disclose all material information about its association and the total amount of commission received/receivable.
  • MFDs cannot deal in Direct Plans and shall ensure that digital platforms clearly disclose that the scheme is a Regular Plan involving payment of commission.
  • MFDs shall not provide any indicative portfolio or indicative yield or indicative return for any particular scheme or transaction.
  • MFDs shall not mis-sell mutual fund products on the basis of indicative or assured return or regular income.
  • It shall be explained to clients that MF investments are not guaranteed or assured return products and that the principal amount may be exposed to risk of loss.
  • MFDs shall endeavor to resolve investor grievances/complaints arising out of marketing, sale and distribution activities.
  • MFDs shall use marketing material provided by AMCs and shall not design their own marketing materials without prior written approval.
  • MFDs shall ensure that comparisons, if any, are made with similar and comparable schemes/products along with complete facts.

Prevention of Fraudulent or Incorrect Applications

To prevent submission of fraudulent, incomplete, tampered or incorrect forms or applications, MFDs shall set up adequate training and processes to ensure that:

  • information in application forms is filled diligently with the investor's own, accurate and complete information.
  • any additions or revisions to investor contact details are done only upon receipt of such information from the investor or authorized person.
  • application forms submitted by investors are not tampered with by inserting, deleting or modifying information.
  • EUIN of the concerned employee of the MFD is written on application forms for identification.

5. Other Obligations

  • Individual MFDs shall obtain NISM certification and register themselves with AMFI and obtain ARN and EUIN from AMFI.
  • Non-individual MFDs shall register themselves with AMFI and obtain ARN and ensure their sales personnel hold valid NISM certification and AMFI registration / EUIN.
  • MFDs shall quote a valid ARN and EUIN in the client's application/transaction feed.
  • MFDs shall ensure that their Representatives undergo training on proper conduct for sales, marketing and distribution activities.
  • MFDs shall cooperate with and provide assistance to AMCs, AMFI, SEBI and competent authorities when required.
  • MFDs shall promptly intimate AMC and AMFI about changes in status, constitution, address, contact details or other information provided at the time of obtaining ARN.
  • MFDs shall refund to AMCs incentives or commissions subject to clawback as per applicable regulations or AMC terms.
  • MFDs shall immediately notify AMC and AMFI if any Representative has committed an act amounting to moral turpitude or financial irregularities.
  • MFDs shall not use terms such as Adviser, Advisor, Financial Adviser, Investment Adviser, Wealth Adviser, Wealth Manager or similar names unless registered with SEBI as an Investment Adviser.
  • The name of an MFD should reflect the registration held by the entity and should not create an impression of performing a role for which the entity is not registered.
  • MFDs shall mention/display the tagline "AMFI-registered Mutual Fund Distributor" along with or below their name in all forms of communication.

6. Obligations Towards Integrity of the Mutual Fund Industry

  • MFDs shall not indulge in fraudulent or unfair trade practices of any kind while marketing, selling or distributing any Mutual Fund scheme.
  • MFDs shall refrain from making false or defamatory statements about any AMC, AMFI, Mutual Fund schemes or other MFDs in any private or public forum.
  • MFDs shall maintain professional decorum, provide fair and balanced perspective and not participate in transmitting untrue statements or rumors.
  • Any written or oral communication should be based on facts and be presented in an unbiased manner so as not to mislead the public.

III. Empanelled Asset Management Companies Directory

In adherence to multiple alliance visibility directives, below is a directory containing active SEBI identification markers across primary Indian fund houses empanelled with Credit & Vault.

Showing 38 of 38 AMCs

Asset Management Company (AMC) NameMutual Fund SEBI Registration Number
1360 ONE Mutual Fund (Formerly IIFL)
MF/067/11/02
2Aditya Birla Sun Life Mutual Fund
MF/020/94/8
3Axis Mutual Fund
MF/061/09/2
4Bajaj Finserv Mutual Fund
MF/079/23/02
5Bandhan Mutual Fund (Formerly IDFC)
MF/042/00/3
6Baroda BNP Paribas Mutual Fund
MF/049/04/5
7Canara Robeco Mutual Fund
MF/004/93/4
8DSP Mutual Fund
MF/036/96/1
9Edelweiss Mutual Fund
MF/058/08/2
10Franklin Templeton Mutual Fund
MF/026/96/8
11Groww Mutual Fund (Formerly Indiabulls)
MF/068/11/03
12HDFC Mutual Fund
MF/044/00/6
13Helios Mutual Fund
MF/081/23/04
14HSBC Mutual Fund
MF/046/02/5
15ICICI Prudential Mutual Fund
MF/003/93/3
16Invesco India Mutual Fund
MF/052/06/1
17JM Financial Mutual Fund
MF/015/94/6
18Kotak Mahindra Mutual Fund
MF/038/98/6
19LIC Mutual Fund
MF/012/94/5
20Mahindra Manulife Mutual Fund
MF/071/16/01
21Mirae Asset Mutual Fund
MF/055/08/1
22Motilal Oswal Mutual Fund
MF/063/09/4
23Navi Mutual Fund
MF/069/12/01
24Nippon India Mutual Fund
MF/035/95/4
25NJ Mutual Fund
MF/075/21/01
26Old Bridge Mutual Fund
MF/082/23/05
27PGIM India Mutual Fund
MF/065/10/02
28PPFAS Mutual Fund (Parag Parikh)
MF/073/12/03
29Quant Mutual Fund
MF/057/08/2
30Samco Mutual Fund
MF/077/21/03
31SBI Mutual Fund
MF/009/93/3
32Shriram Mutual Fund
MF/017/94/8
33Sundaram Mutual Fund
MF/034/96/2
34Tata Mutual Fund
MF/023/95/2
35Taurus Mutual Fund
MF/002/93/2
36Trust Mutual Fund
MF/074/21/02
37UTI Mutual Fund
MF/048/03/2
38WhiteOak Capital Mutual Fund
MF/078/22/01
WhatsApp