I’m gonna be AMFI certified soon…

Heyyyyyyyyyyyyyyyyyy………………….

I just cleared my AMFI examination!!!

And I am getting registered with them as an independent distributor soon…

It was yet another great moment in life when I got through my AMFI examination

AMFI is the Association of Mutual Funds in India. Any person who wishes to sell mutual funds has to be certified by this body. Only then can he sell them

I have been a big fan of mutual funds from years together. I have done a lot of research on each and everything related to mutual funds. Further, one fine day, I thought, “Why not sell mutual funds alongwith life insurance?” To turn this thought into reality, I started finding the ways to do it. And I got to know that I have to clear this exam

There was a book written by the AMFI which costs Rs 400. However, with the kind of knowledge that I had on mutual funds, I was 100% sure that I will clear the exam without reading this book. However, I did not wish to take a chance as the exam fee was Rs 1000. Even if I fail by 1 mark, I will have to pay another Rs 1000. So, its always good to pay Rs 1400 (400 for the book and 1000 for the exam) and study properly and clear the exam

I ordered the book which arrived in 4-5 days. And I started preparing. The exam was supposed to be held on 8 Feb 08. My preparation was not upto the mark in the beginning. I had a lot of commitments and was tied up with life

However, on the deadline day, 07th Feb, I made a serious venture and studied the book word by word. My God! It was a 350 pages book and I was able to cover about 180-200 pages. The next morning, I just started glancing the remaining portion. Almost everything was known to me. It was mainly dealing with marketing ethics which I had learnt in my classes of BCom and more importantly, I have followed them through life. It dealt with the kinds of funds, their operations, expense ratios, limits, etc which I had in my mind already as I have the habit of reading the offer documents (which are around 100 pages) of almost every mutual fund that comes. So, it was a cakewalk in most of the lessons. However, there were some lessons which I was learning for the first time. I concentrated more on them

And finally, it was 1.30 pm and my exam began. I answered all the questions to the best of my knowledge. The time allotted was 2 hours. However, it was over in 25-30 minutes. I revised everything again. There was a negative marking system too and so, I had to be very careful. It was about an hour now and I was not able to sit. I just submitted the paper and the result flashed on the screen

“Congratulations”

“You cleared the test”

“Your score is 75%”

Well, that was a beautiful moment that delighted me

I believe, I had answered about 90% of the question correctly and the remaining wrong answers brought my score to 75%

Hmmm…

Good going…
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Immediately, I ran to the bank, gathered money and took the next step. I had to register myself with AMFI after this exam. I took a copy of the scorecard and the form that I was supposed to fill up. I had to take another DD of Rs 500 for the registration fee. A lot of cash outflow…

I got the DD and sent the application for registration

I am now awaiting for my ARN (AMFI Registration Number)

Once I get that, I shall be an independent mutual fund distributor

Yet another value addition to the services that I offer to my clients

And a lot of thank yous to the people who helped me in the process!!!

Life has been beautiful as well as ugly. On the negative note, I would also like to say that I have not been able to clear my CA examination. The struggle is on. However, its getting more tougher

Lets see, where life takes me…

The evolution of The FJ! Logo…

Getting a business loan…

The websites of different banks and financial institutions give a lot of details about getting a loan from them. Once you read them, you may feel that, the moment you go in, you will get a loan. But things are not as they are written. Its still a tough thing. I had this experience today. I went to a couple of banks for the purpose of asking about a business loan. Before disclosing them that I wanted a loan, I wanted to learn about the terms and conditions. And after knowing that, I decided to move out

They said they don’t give loans to new businesses. The businesses must be at least 3 years old and they must be tax payers

Well, who would need a loan in that case

A business tax payer

Let me analyse this word. We know how many businesses operate in the nation. Hardly does anyone shows real profits. They just show a small amount of profit and pay a small amount of tax for formality. So, you can imagine, what kind of earning you need to have to get a business loan. And in case you have that earning, why would you need a business loan

Questions that need to be thought about

Further, you can see how many business loans are closed saying that the business ended in loss. What happened to them? Did they end in loss? Or the lender ended in loss?

Why would establised businesses ever need loan? I know that the reason is that it acts as a security and the banker can have confidence to lend. But then, think about it. Is it really so?

There is one theory about money. It says, TO EARN MONEY, YOU NEED MONEY

Money attracts money

Rich people don’t help poor people… Thats why they are rich
Poor people help their counterparts with whatever less amounts they have… Thats why they are poor
Had the rich helped poor and had the poor not helped others, all would be equal today. Need a lot of understanding to understand this!

At a dinner party, 2 great people talking
World’s 2nd richest person: How much money do you have?
World’s richest person: $ 8375025726759283069025. What about you?
World’s 2nd richest person: $ 928470142189740421901
The waiter gets the bill
World’s 2nd richest person: Oh! Can you give me $100
World’s richest person: Oops, had you asked a moment before. I had a little cash. I gave it to my friend. What happened to your money?
World’s 2nd richest person: I didn’t get any as I am with the World’s Richest Person

Aaja nachle…

Yes, its time to celebrate, its time to cherish the success achieved, its time to shout out to the world that I have started the move towards my business plans with a bang!

Guess What?

I cleared both the NCFM Exams !!!

The level of excitement is so high and I am very happy for this. My sincere thanks to the God for his support and millions of thanks to Goddess Laxmi and Goddess Saraswati for their timely support. I was not in a position to pay the fees for my exam. But then, luckily I got my dad’s credit card using which I transferred the fees of Rs 2000. I got fired as my dad thought it was worthless. Even I felt bad that I wasted so much money for something in which I was certain to fail. The simple reason being that I never studied anything for the same. Due to certain situations that arised, I was very upset and I felt that it was a waste of money here too. But then, things took a turn

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For my Capital Market exams, I studied a lot. I covered 3 chapters in a single day. I was more confident about this exam compared to the second one. As I trade in shares, I do possess a good knowledge of the process, etc. I managed to study as much as possible. I stepped into the exam hall, almost hopelessly, just for the purpose of showing my presence. I thought, let me put in my best. However, I am supposed to be here for an hour and instead of sitting idle, let me try to do something. Things took a U-turn immediately. I started answering the questions with a lot of thought and interest. Some guarantees, some guesses, some on logic, some on lottery , some on experience, some on previous day’s study and so on. I started feeling that I can succeed. I suddenly thought about my business plans and felt that I need to get a little more serious. I started making efforts using the trial and error method, odd answer eliminatons, etc. It, being an objective type of examination, was easy from one angle but difficult from the other. And unfortunately, there was negative marking too. I did my best and closed my eyes, prayed to God, and submitted the paper. And a million thanks to him, I got 68.5% and cleared the exam. I was so excited. A sigh of relief passed through me. More importantly, my 1000 rupees did not go waste

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The moment I came out of the exam block, I felt that the lady luck was with me. I started thinking about the next exam, ie, Derivatives Module or Futures and Options Markets. It was something completely new to me. I was confused as to what has to be done. But then, people started celebrating my success. And their expectation was so high from me. They were more confident than me that I will clear even the second exam too. Come on, is this a fairy tale? Even then, they said that I will definitely clear the exam. I came home and my head was bursting. Due to all this road renovation going on in this city, the traffic has become hell. I was almost feeling like cutting my head and throwing it away. Seriously. It was paining too much. So much that I was not even able to lay down with my eyes closed. I managed to get a Saridon and slept. I woke up around 10.30 for my dinner. After the food, I was feeling a little comfortable. Then, I thought about the exam next day. I knew that I will definitely fail. I don’t even know that ABC of Derivatives. And not feeling healthy too. I just took the book and started reading. It was very interesting. But I was feeling sleepy too

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Suddenly, I thought-”Today is an opportunity. I can make the best of it and be successful now itself. Else, I will have to wait for the next exam (around 3-5 months). 1 night or 3 months?” The moment I got this thought, all sleep was killed. I sat firm and went on
It was midnight 12
12 turned to 1
1 to 2
2 to 3
3 to 4
4 to 5
5 to 6

Everyone at my home started firing at me. I was being scolded many a times at night for having not slept. But then, this was a serious moment for me and I did not bother much. And more importantly, my dad was moving to Nagpur for a 15 days Training Course and I was supposed to drop him at 7.30 in the morning

6 to 7

And it was over

I completed studying the entire derivatives module. It was like me flying over the clouds. Unlimited joy. After all, a whole night’s sleep was sacrificed for this

I had a quick bath and went with family to drop dad to the railway station. The train was delayed and I had to be there till 10. After that, I moved home, had breakfast and went to the exam

What more can you expect now?

It was a rocking performance. I completed the exam within 25 minutes while the timing scheduled is 2 hours. I knew that I will definitely score more than 60% which is the requirement to pass. I waited for some time. One hour was up. I couldn’t wait anymore to celebrate the joy. I submitted the test

And guess what!!!

An awesome score of 77% in the exam

I was very happy for my efforts fetched fruits and again, I saved my 1000 rupees

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A million thanks to the God, my parents and my wellwishers whose confidence in me was one of the strongest force that influenced me to study all night

I wanted to have a blast after this. However, my dear friend, Sachin just missed it by a small margin and this saddened me a lot. He could have easily cleared it if he would have paid a little more attention, just a little more

I remembered my Class XIIth days when I too failed in Physics by just 4 marks. Those 4 marks are still having an impact on my life, a strong impact. Even after creating academic records at my college, I still feel bad for those 4 marks

Nevertheless, life is an ocean of these pains and happiness

Nothing is permanent but change

I left for the day with content and satisfaction

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With this, I can say that I have cleared the first hurdle in setting up my business

Not just cleared, cleared it in style baby!!!