Transmission of MF units

'A' and 'B' have investments as 'AB' in one folio and 'BA' in other folio and 'B' has recently expired.
- In the first case of 'AB' folio, a request has been made with the death certificate of "B' and the name of 'B' has been deleted and the folio has become a single folio 'A'.
- Now, in case of folio 'BA', can we request to delete the name of deceased 'B' and transfer the entire holding of 'BA' folio in a single folio"A"?
- In normal case, folio with either or survivor basis, the folio becomes a property of the surviving holder so this should be possible, I presume.
Please clarify.
- Anupam I. Naik

Mutual fund units can be transmitted to nominee or joint holder can become primary holder of units as the case may be. Claimants need to submit following documents to AMC. This is a general list, some AMCs might also require additional papers or details.

1. Letter from the Nominee/s or the Claimant(s)
2. Death Certificate of deceased Unit Holder(s) in original or Photocopy duly notaraized or attested by a gazette officer or a bank manager. (If the certificate is issued in a Foreign Country, such a certificate should be certified by the Indian embassy, to ensure the authenticity of the certification).
3. KYC of Nominee(s) or Claimant(s) or surviving Unit Holders.
4. New Bank Mandate details - duly attested by Bank Manager, or Bank Statement or cancelled Cheque copy with account number and the holders name printed on the cheque.

This process might take anywhere between 10 days to a month.

This article was originally published on October 20, 2015.