MF industry to see huge disruption due to nomination opt in/opt out

Why Nominee required when customer holding MF units under either or survivor and any one or survivor (with one and two joint holder). As per Nominee act Nominee is only custodian of the unit holder. Not owner of unit holder. Am I correct? Some one clarify. If customer holding 10 crore investment with Nominee if customer dies Nominee can take 10 crore? But joint holder can take 10 crore if customer dies with out legal certificate. Then why SEBI is insisting Nominee opt in instead of insist second holder? I am not able to understand. So SEBI has to insist second holder in all units with declaration of risk of non applying second holder. Am I correct? Because few amc asking legal heirs certificate eventhough customer had Registered Nominee. At that time customer daughter and son were settled in different countries. Due to this those units are under unclaimed baskets. To understand further other distributor inputs required. Please clarify some one from industry experts or from cafe mutual fund. Because I am not clear to collect Nominee opt in

To address the potential disruption caused by the new nomination rules in the mutual fund industry, there are a few solutions that can be considered:

Increased awareness and education: The first step towards resolving the issue is to raise awareness among investors about the new rules and the importance of complying with them. Mutual fund companies and RTAs can run campaigns to educate investors about the significance of nomination and the process of opting in/opting out.

Extension of the deadline: SEBI can consider extending the deadline for compliance with the new nomination rules to provide investors with more time to complete the process. This would give non-compliant investors the opportunity to comply with the rules without any adverse impact on their investments.

Simplification of the process: The nomination opt-in/opt-out process can be simplified to make it more accessible and user-friendly for investors. This would encourage more investors to comply with the rules and avoid any potential disruption.

Provision of assistance: Mutual fund companies and RTAs can provide assistance to investors who are facing difficulties with the nomination opt-in/opt-out process. This can include setting up help desks or providing phone and online support.

By taking these steps, the mutual fund industry can mitigate the potential disruption caused by the new nomination rules and ensure a smooth transition to the new system.

To begin with, it should be compulsory only where Holding is on Single Holding basis. Again when Death Transmission is to processed, fresh Nomination or opt out is compulsory.

First, why it is compulsory for the folio's where there are more than one or 2 joint holders, second, this should not be the basis of holding any transactions (ongoing or any future contri.) , Third when your system is so develop that they can find such folio's where there it has been not opted in/ or opt-out. send the communication to them only why are you creating havoc between all investors by sending a common mail or msgs. & Most imp. plz. build a complete requirement list once & make it a compliance compulsory .so that our valuable time should be saved.

CAMS online system need improvement. it should be easy without much difficulty investors who are not tech savvy should be able to do. KFincart site is very easy.

SEBI should have better control on RTAs. It is observed that in majority of cases, DPs send data to RTAs but the data is not fed properly at RTAs end. Investors keep receiving reminders/alerts for information which they already provided while opening their Demat accounts. SEBI should get this reconciliation audit done.

SEBI has become regulator of people and safeguarder of the companies and industry. They want people and distributors to leave thir work and run from here to there(pillar to post). The industry has no loss only people will suffer as even after freezing the companies will still keep deducting expenses like what they did in Franklin. Franklin kept deducting fund running charge from arbitrarily wound up funds and SEBI didn't utter a word against them. Even forensic audit report was submitted to supreme court in sealed cover so no way to find out the truth. The Government and regulator wants all the transparency from people bit they want to keep themselves and their work completely opaque. Wherever there is opacity there is hidden agendas which needs to be investigated and brought out in the open so that people's eyes can be opened. In today's times people keep their eyes closed to the truth and only look at whatbis shown to them by the government of the day. This blind force is going to ruin the country forever and enslave us all.

Shame on everyone.

Nomination should be mandatory for single holder folios others should have a choice to nominate or not to nominate. There should not be any opt out declaration.
Investors should be made aware of various options and not forced to comply.

Use Fundexpert to get report of no nominee folios

Nomination Opt-in/ Opt-out , Compliance to be before 30th Apr. deadline given is too early. The punishment, freezing the Folios is harsh. SEBI should consider giving more time.

I can't understand why nomination is required. We have already mentioned in the folios. Looks like SEBI over-regulating rather than doing their jobs. So many changes in this industry in such a short span for what my agents make a 1%. He is says its not worth it anymore.

Why SEBI is forcing Anyone or survivor, Either or survivor Unitholders to appoint nominee.
With legal perspective regulator can not restrict redemptions for these unitholders.

Only Single mode of holding folios should have a nominee mandatorily.

Also Family Tag compulsion for Crores of folio where Email id & mobile number is already updated is a mindless, draconian regulation.

Why to update data for Crores of investors every now & then. Is it not the failure of the regulator who is always late in implementing regulations.

1) Why should MFD worry for PAN - Aadhar link of investor or nomination or mobile/email update when commission already stopped on investment for such clients.

2) After having stopped paying commission with what authority they are sending such request to MFD.

3) Many AMC (DSP, SBI, KOTAK, AXIS, etc.) unauthorizedly DELETED mobile number/email from hundreds of compliant folio without verifying and then start sending mails to investors and MFD to update mobile/email stating these as non-compliant folio. What is this, if not absolute anarchy?

4) Commission is being stopped at drop of hat. Once a transaction is processed under REGULAR PLAN, AMC has right to charge TER for REGULAR PLAN but MFD has no such right. KOTAK AMC is withholding commission since 2015 and never informed MFD but not paying even after it was pointed out because MFD has no right except to cry.

5) It is absolute anarchy, everyday threat to suspend brokerage, withhold brokerage, and forfeit brokerage.

6) There is no grievance redressal mechanism for MFD. MFD are at absolute mercy of AMC. ABSL AMC submitted false ATR to SEBI without checking the facts. ABSL AMC after months of communication located thousands of rupees worth wrongly withheld/forfeited brokerage since 2018 but still not paid. What can MFD do?

7) Look at AMFI code of conduct for MFD, it is full of duties and responsibilities of MFD alone, no right, no obligation on the part of AMC, all one sided.

8) Funniest part is after start of SIP, IDFC AMC stopped commission on the plea that EUIN invalid, what is the role of MFD in second SIP transactions onward.

9) In another incident after start of SIP, ABSL AMC stopped commission on the plea that EUIN not valid for 30 days, without checking any factual position. What is the role of MFD in second SIP transactions onward?

10) Brokerage statement are designed in such a complex manner that no one can ever make out what is paid and what is not. CAMS do not send details of withheld brokerage with monthly statement which KFIN send. CAMS send statement in PDF which is not searchable, MFD can only break his head before making any sense out of it. Why CAMS also not follow KFIN practice to send excel file?

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