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The rupee has depreciated by nearly 10% since the beginning of May and was quoting at 59.27...

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Mutual Fund: Employee Unique ID Number Mandatory

To check mis-selling of MFs by bank staff and employees of other financial services firms, the market regulator has made it mandatory for such persons to get an ‘Employee Unique Identification Number’ (EUIN) for sale of MF schemes. The decision has been taken by the mutual fund industry body and self-regulatory organisation Association of Mutual Funds in India (AMFI) in consultation with capital markets regulator SEBI. As per the notifications issued by fund houses, the EUIN would be mandatory for all kinds of MF transactions with effect from 1st August.

It would be applicable for transactions such as purchases, switches, registrations of various MF schemes, payments of instalments under any plans, as also for dividend re-investments, bonus units and redemption.
 

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