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.

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Quick Summary

This discussion explores scenarios where a mutual fund unit holder has passed away. It covers two main situations: one where a nominee was initially appointed but has since died, and another where no nominee was ever designated. Experts are sought for guidance on the correct procedures for transferring ownership of the mutual fund units in both cases.

3 Replies

Rama chary Rachakonda (Secunderabad/Telangana state 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.