Disclosure of Interest
How we are paid, what conflicts that creates, and what we do about them.
On this page
Why this page exists
Anyone recommending a financial product should tell you how they are paid for it. This page does that. If anything here is unclear, ask us — we will answer.
Our registration
- Trade name
- Jana Finserv (sole proprietorship)
- ARN holder (individual)
- Prabir Kumar Jana — the registration is held personally
- AMFI Registration Number
- ARN-49170
- ARN valid till
- 23-02-2027
- EUIN
- E053451
- Registered address
- B-10 Nayabad Avenue, New Garia, Kolkata, West Bengal 700094
- Capacity (AMFI)
- Mutual Fund Distributor and SIF Distributor — regular plans
- AMFI registered as
- MF & SIF Distributor, valid 24-09-2025 to 07-05-2028
- APMI Registration Number
- APRN10515
- APMI EUIN
- E20528
- APRN valid
- 16-09-2026 to 15-09-2029 (enrolled 13-10-2026)
- Capacity (APMI)
- Distributor of Portfolio Management Services — distribution only
How we earn from mutual funds
We receive commission from the Asset Management Company whose scheme you invest in through us. This is paid out of the scheme's expense ratio; it is not an additional charge deducted from your investment amount, and we do not invoice you separately.
Commission comes in two forms: an upfront element (where applicable under prevailing regulations) and a recurring trail commission calculated on the value of your holding for as long as it remains invested under our ARN.
Rates differ between categories. Equity schemes typically carry higher trail commission than debt or liquid schemes. This is a real conflict of interest, and we name it rather than hide it.
Regular plans and direct plans
Every mutual fund scheme in India is available in two variants:
| Regular plan | Direct plan | |
|---|---|---|
| Distributor commission | Included in the expense ratio | None |
| Expense ratio | Higher | Lower |
| Portfolio held | Identical | Identical |
| NAV | Slightly lower over time | Slightly higher over time |
| Service and paperwork | Provided by the distributor | Handled by you |
We distribute regular plans. Direct plans are available to you at any time, directly from the AMC or through SEBI registered investment advisers. You are entirely free to use them.
Ask us the number
You may ask us the commission we earn on any specific scheme, at any time, before or after you invest. We will tell you. AMFI's disclosure of commission paid to distributors is also published on the AMFI website, and your half-yearly consolidated account statement discloses the commission attributable to your folios.
Insurance, loans and deposits
Where you take an insurance policy, a loan or a deposit through our referral, we may receive commission or a referral fee from the insurer, lender or issuer. As with mutual funds, this is paid by the provider and not charged to you separately.
These products are contracts between you and that provider. We do not underwrite, sanction, price or settle anything.
Portfolio Management Services
Prabir Kumar Jana is registered with the Association of Portfolio Managers in India (APMI) as a distributor of Portfolio Management Services under APRN10515 (EUIN E20528), valid from 16-09-2026 to 15-09-2029.
Where you invest in a PMS strategy through our referral, we may receive a commission or referral fee from the SEBI-registered Portfolio Manager. As with mutual funds, this is paid by the provider and is not charged to you separately. Commission rates differ between Portfolio Managers and between strategies, which is a real conflict of interest and we name it here rather than hide it. You may ask us what we earn on any strategy, before or after you invest.
We are a distributor only. We are not a Portfolio Manager. We do not manage portfolios, we do not hold or handle your funds or securities, and we do not assure or guarantee any return. The portfolio management agreement is signed directly between you and the Portfolio Manager, and the securities are held in your own name and your own demat account. PMS is subject to the minimum investment prescribed by SEBI and carries market risk, including the risk of loss of principal. Past or simulated performance of any Portfolio Manager or strategy is not indicative of future performance. Please read the Disclosure Document of the respective Portfolio Manager carefully before investing. We adhere to the SEBI Code of Conduct for Distributors of Portfolio Management Services.
What we do about the conflict
- We recommend on the basis of your goal, horizon and risk profile — recorded in writing before any recommendation is made.
- We disclose commission on request, before investment.
- We do not churn portfolios. Switching schemes to generate fresh commission is a breach of the AMFI Code of Conduct and we do not do it.
- We do not rebate commission to investors, which is prohibited under AMFI guidelines.
- We tell you when a product is not suitable, including when that means no transaction.
What we do not do
- We do not charge investors an advisory fee — we are not registered to do so.
- We do not accept cash from clients under any circumstances.
- We do not hold client funds or securities in our own name or in any pooled account.
- We do not offer, and cannot offer, any assured or guaranteed return.
Last updated: ·
Jana Finserv · ARN-49170 · APRN10515 · Holder: Prabir Kumar Jana ·
pkjanaonline@gmail.com · +91 93399 04841
B-10 Nayabad Avenue, New Garia, Kolkata, West Bengal 700094
