Association of Mutual Funds in India (AMFI) has announced that distributors will not get trail commission in case the investor transfers his Mutual Fund (MF) account. The unpaid trail commission will be put in an investor education find. SEBI had earlier allowed investors to change distributors without No Objection Certificate from current distributor; this had led to a sharp rise in the transfer of accounts. As per the new guideline, AMC will not pay trail commission to either the old or the new distributor if MF account is transferred.
Source: https://www.karvymfs.com/karvy/InformationCenter/News_Get.aspx
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