The industry has lost some of its gems to the ongoing pandemic. Saurashtra Kutch IFA Association (SKIFAA) has been helping the family of deceased members to claim the commission of the late ARN holder.
Working closely with such families has brought forth the practical difficulties that they face to get trail commission in absence of nomination. Empathising with their situation, SKIFAA has stepped forward to take up the matter with AMFI.
Chetan Nandani, President, SKIFAA shared that the current regulations require MFDs to file physical nomination with every fund house individually. Apart from being time-consuming, it also poses difficulties to track if the nomination has been filed with all fund houses.
To overcome these limitations and ensure a smooth payout to the family of the deceased, SKIFAA has requested AMFI for implementing a centralized online nomination facility.
Replying to Chetan’s tweet, Nilesh Shah, Chairman, AMFI tweeted, “We are working on the suggestion. Our committee is evaluating the same from legal point of view.”
Referring to online facilities supporting centralised self-declaration and ARN renewal, Chetan said, “AMFI has taken MFD friendly stands in the past and we are hopeful that the association will continue to take steps in the interest of the MFD fraternity.”
Cafemutual had earlier reported in June 2021 that AMFI is in active discussions with legal entities to explore if a uniform nomination facility for MFDs can be introduced. Click here to read the full article.
