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  • Business Development MF units transfer: Practical problems and their resolutions for MFDs

    MF units transfer: Practical problems and their resolutions for MFDs

    Read on to know that how MFDs have resolved practical problems related to transfer of MF units post death of MF investors.
    Karishma Gagwani May 9, 2022

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    While the industry has a set of guidelines to deal with transmission of MF units on death of investors, there are instances where such a transmission cannot be possible due to practical issues and complexities.

    Team Cafemutual has listed three practical problems and spoke to a few MFDs who have resolved these issues to ensure seamless transmission of MF units.  Let us look at them:

    Problem: Deceased person did not file any nomination  

    Resolution: Legal heirs need to obtain indemnity bond

    Sandeep Gandhi of Rajkot handheld legal heirs of a deceased investor to complete formalities related to indemnity bond. MFDs can obtain format of indemnity bond from the respective AMCs.

    If investment proceeds of the deceased is over Rs.2 lakh, legal heirs will have to file a court decree with a lawyer. Basically, it is obtaining ‘No objection certificate’ from other legal heirs in the favour of claimants. The next step is to obtain a certificate in the favour of claimants from the court to make transmission of units.

    Sandeep told Cafemutual that the entire process takes between 3 months and 1 year.

    Problem: Nominee did not know about all mutual fund investments

    Resolution: Scan bank account statements and email IDs of deceased

    A woman approached Belgaum MFD Preeti Kalburgi to know about investment details of her deceased husband. She did not have any idea about her husband’s investments.

    Preeti sat down with the woman and scanned deceased husband’s bank account statements and email IDs.  They made a note of investment and contacted eight fund houses to confirm if the deceased had invested with them.

    The woman submitted the death certificate and PAN of the deceased along with identity proof of his wife to know about investment details.

    Problem: Name mismatch in the death certificate and identity proof

    Resolution: Make an affidavit with the help of a lawyer

    Goa MFD Mumtaz Shaikh met legal heirs of a deceased person where name in the death certificate does not match PAN and Aadhaar of the deceased. However, it matched with the name appearing on the passport, which had expired.

    The heirs obtained identity card issued by Gram Panchayat but the MF industry did not accept it.

    In such a scenario, MFDs should tell their clients to make an affidavit in consultation with a lawyer. Once they obtain a confirmation from the court, they can proceed for transmission of units.

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

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    8 Comments
    Chirayu Shah · 2 years ago `
    In cas of transmission of units, does MFD continue to receive brokerage as earlier? What would be implications of capital gain to nominee or receiver of the units?
    CA Ratnakar Mankad · 2 years ago `
    Capital gain has reference to original cost which was paid by the deceased and gain is realised by his or hee heir. Both assessees are different. Hence there is no question of capital gain when units are inherited.
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