If you are a mutual fund investor, you would have experienced the clamour over registrars, asset management companies (AMCs) and distributors nudging you to update the nomination space in your investment papers. To ensure easy transfer of investments in case of death of the investor, the market regulator SEBI (Securities and Exchange Board of India) has been mandating that investors update their nominations. The deadline to complete this action has been extended, but the regulator's intention is clear-to ensure smooth transfer of assets after an investor's demise.
The next step is the recent Sebi circular about introducing a centralised mechanism to record an investor's demise across investment products at one go, which will come into effect from January 1, 2024. The last day for updating one's nominee in mutual fund investments is now December 31, 2023, for smooth processing of one's papers.
Currently, there are multiple stakeholders of import when it comes to mutual fund investments-there is the distributor through whom one may be investing, the AMC in whose schemes one invests, the RTA (registrar and transferring agent) who manages the investment-related records for mutual funds. So, in case of reporting an investor's demise, the family members and nominees need to inform multiple entities to process the investments of the deceased investor.
With the new development, Sebi has introduced a centralised system through which a nominee can reach a mutual fund company or a registrar to report the demise of an investor and, subsequently, it will get updated across all fund houses. There will be no need to reach out to another RTA or AMC to update the demise. Nominees will still need to reach out to different AMCS to make a request for the transfer of MF units, but the documentation process will get simpler and proceeds will reach the nominee's account faster.
هذه القصة مأخوذة من طبعة December 04, 2023 من India Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 04, 2023 من India Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Shuttle Star
Ashwini Ponnappa was the only Indian to compete in the inaugural edition of BDMNTN-XL, a new international badminton tourney with a new format, held in Indonesia
There's No Planet B
All Living Things-Environmental Film Festival (ALT EFF) returns with 72 films to be screened across multiple locations from Nov. 22 to Dec. 8
AMPED UP AND UNPLUGGED
THE MAHINDRA INDEPENDENCE ROCK FESTIVAL PROMISES AN INTERESTING LINE-UP OF OLD AND NEW ACTS, CEMENTING ITS REPUTATION AS THE 'WOODSTOCK OF INDIA'
A Musical Marriage
Faezeh Jalali has returned to the Prithvi Theatre Festival with Runaway Brides, a hilarious musical about Indian weddings
THE PRICE OF FREEDOM
Nikhil Advani’s adaptation of Freedom at Midnight details our tumultuous transition to an independent nation
Family Saga
RAMONA SEN's The Lady on the Horse doesn't lose its pace while narrating the story of five generations of a family in Calcutta
THE ETERNAL MOTHER
Prayaag Akbar's new novel delves into the complexities of contemporary India
TURNING A NEW LEAF
Since the turn of the century, we have lost hundreds of thousands of trees. Many had stood for centuries, weathering storms, wars, droughts and famines.
INDIA'S BEATING GREEN HEART
Ramachandra Guha's new book-Speaking with Nature-is a chronicle of homegrown environmentalism that speaks to the world
A NEW LEASE FOR OLD FILMS
NOSTALGIA AND CURIOSITY BRING AUDIENCES BACK TO THE THEATRES TO REVISIT MOVIES OF THE YESTERYEARS
