Published 19 July 2026 · By the PCJ Desk · General educational information, not investment advice.
Authorised Person (sub-broker)
An Authorised Person (AP) is registered with the exchanges (NSE, BSE, MCX) under a stockbroker and sources and services clients on the broker’s platform. You typically need to be 18+, pass the relevant NISM certification, complete exchange registration through your parent broker, and follow the broker’s onboarding and compliance. You earn a share of the brokerage your clients generate.
Mutual Fund Distributor (ARN)
To distribute mutual funds you need an ARN (AMFI Registration Number). The path: clear the NISM Series V-A Mutual Fund Distributors exam (or the CPE route if eligible), obtain KYD, and register with AMFI for your ARN. You then earn trail commission from AMCs on the assets you bring, disclosed as part of the regular-plan expense ratio.
Which path fits you?
Choose AP if you want to serve active traders and investors across equity, F&O and commodities on a broking platform. Choose MFD if you want to build long-term, trail-income relationships around mutual funds and SIPs. Many partners do both.
Partner with PCJ
PCJ Holdings supports partners with onboarding, back-office and marketing, and 20 years of standing behind you. Explore become an Authorised Person or become a mutual fund distributor, and apply through our empanelment form.
Registration and certification requirements are set by SEBI, the exchanges and AMFI and may change; verify current rules before applying. This is general information, not advice.