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.
Denne historien er fra December 04, 2023-utgaven av India Today.
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Denne historien er fra December 04, 2023-utgaven av India Today.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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He gave the beat to the world
He would pick up the rhythms of each experience of mobility and weave them into his taals. Thus it was that he reflected joy and laughter in rhythmic cycles...such was the magic of Zakir's fingersText and photographs by Raghu Rai
KERALA TOURISM CAMPAIGN, 1989 - TICKETS TO PARADISE
All it took was a catchy tagline-'God's Own Country'-for the world to discover Kerala's wealth of natural beauty. It remains among the best tourism ad campaigns, earning the state a place among top 10 international destinations
SPIRITUALITY - THE GURUS OF COOL
Among the cult Indian gurus, no one had a bigger hold on western minds than 'Osho' Rajneesh. He's also perhaps the role model for the enterprise-building gurus of today
RETAIL SHOPPING - THE MALL MANIA
Shopping malls, a 1990s innovation in India, changed the way the Indian middle class shops. Their success now lies in being 'shoppertainment' destinations, offering something for everyone
CULINARY RENAISSANCE, 1978 - TANDOORI NIGHTS
ITC's Bukhara and Dum Pukht turned the world to tandoori cuisine and had an enormous impact on the F&B industry. Decades on, they are still a pit-stop for celebrities and heads of state visiting Delhi
INDIAN WRITING IN ENGLISH - REVENGE OF THE NATIVE
Rushdie lit the way but Indian writing in English has taken a life of its own in the past few decades, with translated Indian fiction most recently having its moment in the sun
INDIAN ART - A BRUSH WITH GOLD DUST
The 1990s economic liberalisation came as oxygen, lighting up the Indian art scene. Today, artworks by established masters routinely go for astronomical amounts
FESTIVAL OF INDIA, 1982 - CULTURE CAPITAL
The Festival of India grew into a symbol of our 'soft power', introducing our art and aesthetics to a global audience while also helping rebrand our domestic products
THE INDIPOP TREND - DISCO GOES DESI
For ages, the film song ruled. Nothing else was audible. Then came Nazia, charioteered by Biddu, and Indian ears went into a pleasant madness. Literally, Disco Deewane. A whole genre was born
SHOLAY 1975 - THE BIRTH OF THE FANDEMIC
India had seen hits before. But Sholay seared into its collective psyche like a badland bullet. The effect was on a scale never seen before- one film creating a new mass folk culture. And a trail of monster blockbusters that still continues
