Transmission of #mutualfund units of deceased #investors #investments having a lock-in period?
The Process -
In #mutualfunds #ELSS have a lock-in period of 3 yrs & some of the closed-ended schemes like FMPs have a maturity period concurrent to that of the #fund itself.
If an #investor who had #invested in an #ELSS passed away immediately after 6 months of #investing, during the lock-in period, actual proceeds are allowed for withdrawal only after completion of 1 year from initial date of units allotted to & not transmission date. @ArthmitraG
When an #investor #invests in FMP, units are aligned to overall tenure of the scheme at a pre-defined rate. Hence when original investor passes away, units get transmitted to the next of kin, but the actual proceeds are allowed for redemption only on/after maturity. @ArthmitraG
Claim procedures & relevant documents are required, along with filled requisite forms.
- Copy of death certificate
- Investment papers
- Letter of indemnity
- Relevant affidavit
- Succession certificate/letter of administration & attested copy of probate of a will. @ArthmitraG
One must ensure that name of family member is spelt correctly & it is as per the official documents such as PAN card, Aadhaar & so on. Also KYC details of the claimant & letter informing about the demise of original unit holder are a must. Remember #AdvisorZarooriHai @ArthmitraG
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