Gujarat MFD association Saurashtra Kutch IFA Association (SKIFAA) has lent a helping hand to family members of the 4 MFDs who lost their lives to coronavirus.
SKIFAA provided support such as help in paperwork, obtaining ARN to the nominees of the deceased MFDs would require like for the nominee and guidance on various aspects of business such as operational, transactional and sales in the initial days.
Highlighting the plight of the families, Jayesh Bhai Pattani, vice president of SKIFAA shared that the family of one of the MFDs has only two women members with neither of them having a steady source of income. So, his association has been helping them understand the distribution business and obtain ARN to continue the business.
According to AMFI norms, if a nominee or legal heir obtains ARN, he/she can grow business through existing assets, fresh business and SIP inflows. Time is a crucial factor as currently AMFI gives six months to nominee or legal heir of a deceased mutual fund distributor to obtain ARN.
Further, Chetan Nandani, President of SKIFAA said that some of the senior MFDs of the association have come forward to provide financial aid to the family members. In case of any emergencies, these funds will be used so that the families do not suffer after the demise of MFDs.
