If Units are held in a single name by the Unit Holder, Units shall be transmitted in favor of the nominee where the Unit Holder has appointed a nominee upon production of death certificate or any other documents to the satisfaction of the AMC / Registrar. If the Unit Holder has not appointed a nominee or in the case where the nominee dies before the Unit Holder, the Units shall be transmitted in favor of or as otherwise directed by the Unit Holder's personal representative(s) on production of the death certificate and / or any other documents to the satisfaction of the AMC / Registrar. If Units are held by more than one registered Unit Holder, then, upon death of one of the Unit Holders, the Units shall be transmitted in favor of the remaining Holder(s) (in the order in which the names appear in the register of Unit Holders with the Registrar) on production of a death certificate and / or any other documents to the satisfaction of the AMC /Registrar and to the nominee only upon death of all the Unit Holders.
AMFI has recommended Mutual Funds to implement certain standardized procedures with regard to Transmission facility. The following paragraphs list the documents required for transmission under various situations:
1. Transmission to surviving unit holders in case of death of one or more unitholders:
2. Transmission to registered nominee/s in case of death of Sole or All unit holders:
3. Transmission to claimant/s, where nominee is not registered, in case of death of Sole or all unit holders:
4. Transmission in case of HUF, due to death of Karta:
HUF, being a Hindu Undivided Family, the property of the family is managed by the Karta and HUF does not come to an end in the event of death of the Karta. In such a case, the members of the HUF will appoint the new Karta who needs to submit following documents for transmission:
While the list of documents mentioned shall be taken in all cases, AMC may consider seeking additional documents if the amount involved in transmission exceeds Rs Two Lakhs on a case to case basis.
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