SEBI has simplified the process of transmission of units in mutual funds due to absence of nominations or death of unitholders.

Among its key measures are bringing uniformity across fund houses in dealing with transfer of assets due to demise of unitholders and spreading awareness about importance of nomination in mutual funds through IAPs.

Here are some of the other key changes:

•             Introduction of image based processing wherever the claimant is a nominee or a joint account holder in the investor folio

•             AMCs to set up a dedicated central help desk and a webpage carrying relevant instructions to provide assistance on the transmission process

•             AMCs to introduce a common transmission request form and NOC form

•             A uniform process across fund houses to deal with unclaimed funds to be transferred to the claimant including the unclaimed dividends

•             AMCs cannot accept requests for redemption from a claimant until the units are transferred in his favour

•             Claimant has to pay stamp duty tax

अभिप्राय द्या!