Families of deceased MFDs have been getting support from the MF distribution community. In fact, many MFD associations have come forward to help the families of deceased MFDs by providing them financial and operational assistance.
In one such example, the family of Kolkata MFD Parimal Seal, who passed away last month, received financial support from the MFD community, thanks to the initiative taken by Independent Consultants & Advisors Association (ICAA). The director of the association, Goutam Karmakar told Cafemutual that the association has raised funds for the family that would help them take care of necessary expenses for atleast a year.
The association has also been helping his wife (the nominee) to complete formalities required to get trail commission.
Other associations have also been at the forefront in ensuring that the nominees start receiving the commissions. "Before the second wave of covid-19, we met some families of deceased MFDs who were facing difficulties in getting trail commission. These were largely due to mistake in the nomination form and incomplete KYD," said Dhirendra Kumar Srivastava, President of Kanpur-based Association of Mutual Funds Financial Advisors (AMFFA). The association helped such families by taking the matter to the senior MF officials.
In addition, the associated requested all members to revisit their nominations. "We informed all MFDs in our contact to verify details registered with each AMC and get them corrected in case of any error. The result of this activity was that we didn't receive any such cases during the second wave," Srivastava said.
Karnataka MFD association KAMFA and north-India based All Mutual fund Distributors Welfare Association (AMDwA) also shared similar messages with their members.
AMDwA has also written to AMFI urging the mutual fund body to devise a faster transmission process. "We have written to AMFI asking to cut down the processing time. The MF body can take a more pro-active approach as they have all the data and can easily get the job done by co-ordinating with AMCs," said Lovey Mehra, President, AMDwA.
