In a noble initiative, Kotak Mutual Fund has decided to fund higher education of Vanisha Pathak, daughter of the late Bhopal MFD Jeetendra Pathak.
Jeetendra and his wife Seema lost their lives during the second wave of the covid in May. The couple are survived by two children – Vanitha and Vivan.
Recently, Vanitha has scored 99.8% in Class 10th CBSE board.
Earlier, the Mutual Fund Distributor Association of Bhopal wrote to AMFI Chairman, Nilesh Shah seeking his intervention on the existing AMFI MFD nomination rules, which does not entitle minors to receive trail commission on assets of deceased MFDs. AMFI rules say that AMCs will have to accumulate trail commission of the deceased MFD till a minor nominee turns a major.
The association has also shared with Nilesh that Vanitha scored 99.8% in Class 10th CBSE board despite this tragic incident in the family.
Seeing her never say die attitude, Kotak Mutual Fund has decided to encourage Vanitha by funding her education until she becomes a graduate. The fund house will bear all costs related to education like school fees, cost of books, stationary and so on.
In addition, the Mutual Fund Distributor Association of Bhopal has also given Rs.11,000 to Vanitha as a token of appreciation.
Harish Krishnani, President, MFD Association of Bhopal told Cafemutual that Kotak MF has been helping the family despite the fact that the deceased MFD did not have any asset with the fund house. Jeetendra had an AUM of Rs.25 crore.
On nomination, the AMFI chairman has assured the association and the family of the deceased MFD that the industry will help the family receive trail commission.
