Transmission of mutual fund units

Investment in a mutual fund can be made in a single name or in a joint mode with three people. The mode of holding can be anyone/survivor or joint. In case of the demise of one of the unit holders, the following situations may arise. Here is how you can tackle them:

DEMISE OF FIRST UNIT HOLDER

In case of the demise of the first holder, units will be transferred to the second holder for which the following documents are to be submitted:

a) Letter from the surviving unit holder(s) intimating the death of the first holder.

b) Copy of death certificate of the first holder duly certified in original by bankers/ AMC .

c) Address, bank details, PAN of second holder

DEMISE OF JOINT HOLDER

In the case of demise of one of the joint holders (other than the first), the following will happen. Units will continue to remain in the name of the first unit holder. The first unit holder has the option to register any other person as a joint holder, for which the following documents are required to be submitted:

a) Letter from the surviving unit holder(s) intimating the death of the joint holder.

b) Copy of the death certificate of the joint holder duly certified in original by bankers/AMC.

c) Name, PAN, signature of the second holder in case a new holder is to be registered.

DEMISE OF SINGLE HOLDER

In case there is only a single holder, and there is a nomination registered, the claimant has to make an application to evidence the claim on death of the unit holder. This has to be accompanied with an attested copy of the death certificate along with the following documents:
a) Proof of identity of the nominee (passport, ration card, driving licence, etc)

b) Declaration and indemnity against any other claims.

c) Copy of the statement of account issued by the AMC.

DEMISE OF SINGLE HOLDER WITHOUT NOMINATION

If there is a single holder and there is no nomination, but if the deceased has left a will, then the claimant has to make an application on the death of the unit holder, along with an attested copy of the will or probate of the will along with the following documents:

a) An attested copy of the death certificate.

b) Notarised affidavit of witness.

c) Declaration that the will provided is the last binding will and that there are no other claimants.

d) Indemnity against any other claims. e) Copy of the statement of account issued by the AMC.

Source: Economic Times

Thanks and Regards,
Sanchari Sinha,
Intern at DENIP Consultants Pvt. Ltd.