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Krishnaiah Krishnsiah   21 October 2021

Absence of nominee in mutual fund units

1.One of the mutual fund unit holders having some units in a mutual fund where nominee was there but unfortunately he died.
2.In another case only unit holder is there but no nominee and unit holder died.
Can experts may give advice on the both cases?
Thanq experts in advance.

 3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     21 October 2021

 The process of appointing a person to take care of the assets in the event of the investor's demise is called Nomination. The nominee can be any family member of the investor – spouse, child, a friend or any other trustworthy person.

In first case co-owner gets ownership of units of M.F.  in case of nominee is absent

in second case legal heir certificate has to produce by legal heirs of unit holder of M.F.

Dr J C Vashista (Lawyer)     22 October 2021

The facts posted are vague and confusing as to whether the unit holder or nominee died ?

2. When unitholder died without registeration of a nominee LRs of deceased (unitholder) shall have to seek succession from competent court.

P. Venu (Advocate)     28 October 2021

Yes, the facts posted are vague and confusing. Please post complete facts.

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