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 | Transmission is the process of
transferring units held in a mutual fund folio to the authorised recipient or
nominee in the event of the death of the unit holder. If the mutual fund folio
is held jointly, the units are transmitted to the second holder in case the
first holder dies. However, if there is no joint holder and there is no
nomination, the units are transmitted to the legal successors.
Request:
The legal successors of the
deceased unit holder must ask the fund house for transmission of units. The AMC
may have a prescribed format for placing such a request and this can be
downloaded from its website or office.
Documents:
Along with the transmission
request, the successor needs to attach the death certificate, KYC and bank
account details of claimants, probate of will, which validates the will of the
deceased, succession certificate received from the court, which gives details of
the legal successors of the deceased, and a no-objection certificate from the
remaining legal heirs, if the claim for transmission is made by one of them.
Processing:
On
receiving the request and supporting documents, the registrar and transfer
(R&T) agent removes the name of the deceased unit holder and transfers the
units to those entitled. The AMC or R&T agent follows the directions of the
original unit holder, which is given through a nomination or will, or follows a
prescribed process if there is no such instruction.
Points to note
> In a joint holding, if
the first holder passes away, the second holder is substituted as the first
holder.
> The R&T agent or AMC does not take responsibility for the
equitable distribution of investments among the heirs of the deceased unit
holder.
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