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Transmission of Units

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:

  • Letter from surviving unitholders to the Fund / AMC / RTA requesting for transmission of units,
  • Death Certificate in original or photocopy duly notarized or attested by gazette officer or a bank manager,
  • Bank Account Details of the new first unit holder along with attestation by a bank branch manager or cancelled cheque bearing the account details and account holders name.
  • KYC of the surviving unit holders, if not already available.

2. Transmission to registered nominee/s in case of death of Sole or All unit holders:

  • Letter from claimant nominee/s to the Fund / AMC / RTA requesting for transmission of units,
  • Death Certificate/s in original or photocopy duly notarized or attested by gazette officer or a bank manager,
  • Bank Account Details of the new first unit holder along with attestation by a bank branch manager or cancelled cheque bearing the account details and account holders name.
  • KYC of the claimant/s,

3. Transmission to claimant/s, where nominee is not registered, in case of death of Sole or all unit holders:

  • Letter from claimant/s to the Fund / AMC / RTA requesting for transmission of units,
  • Death Certificate/s in original or photocopy duly notarized or attested by gazette officer or a bank manager,
  • Bank Account Details of the new first unit holder along with attestation by a bank branch manager or cancelled cheque bearing the account details and account holders name.
  • KYC of the claimant/s,
  • Indemnity Bond from legal heir/s
  • Individual affidavits from legal heir/s
  • If the transmission amount is below Rs Two Lakhs: any appropriate document evidencing relationship of the claimant/s with the deceased unitholder/s.
  • If the transmission amount is Rs Two Lakhs or more: Any one of the documents mentioned below:
    1. Notarised copy of Probated Will, or
    2. Legal Heir Certificate or Succession Certificate or Claimant’s Certificate issued by a competent court, or
    3. Letter of Administration, in case of Intestate Succession.

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:

  • Letter Requesting for change of Karta,
  • Death Certificate in original or photocopy duly notarized or attested by gazette officer or a bank manager,
  • Duly certified Bank certificate stating that the signature and details of new Karta have been appended in the bank account of the HUF
  • KYC of the new Karta and KYC of HUF, if not already available.
  • Indemnity bond signed by all the surviving coparceners and new Karta
  • In case of no surviving co-parceners OR the transmission amount is Rs Two Lakhs or more OR where there is an objection from any surviving members of the HUF, transmission should be effected only on the basis of any of the following mandatory documents:
    1. Notarized copy of Settlement Deed, or
    2. Notarized copy of Deed of Partition, or
    3. Notarized copy of Decree of the relevant competent Court
Clarifications
  • It is clarified that PAN card copy or another proof of identity of claimant/s is not required separately if KYC acknowledgement issued by CVL is made available.
  • Where the units are to be transmitted to a claimant who is a minor, various documents like KYC, PAN, Bank details, indemnity should be of the guardian of the nominee.
  • With a view to implement common standard documentation, suggested common formats for various documents is attached as annexures for easy reference.
  • A ready reckoner matrix of various documents required and the common set of forms required under different situations is available at below link: Click Here   A ready reckoner matrix of various documents required and the common set of forms required under different situations.
Additional risk mitigation measures:

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.


Transmission Forms

For any transmission related queries, investors can contact the below officials of the AMC:

Email:

Contact number: 1800-2090-777

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