Investment in units of Mutual Funds in the name of minor through guardian and ease of process for transmission of units

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n India (AMFI) Sir / Madam, Subject: Investment in units of Mutual Funds in the name of minor through guardian and ease of process for transmission of units In order to bring about uniform processes across Asset Management Companies (AMCs) in respect of investments made in the name of a minor through a guardian and to enable efficient transmission of units the following has been decided: 1. Pr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... an (SIP), Systematic Transfer Plan (STP) and Systematic Withdrawal Plan (SWP) on the basis of which, the standing instruction is suspended when the minor attains majority, till the status is changed to major. 2. Process for transmission of Units a. In order to improve the processing turnaround time for transmission requests, AMCs shall implement image based processing wherever the claimant is a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the transmission of units in his / her favour. g. The Stamp duty payable by the claimant with respect to the indemnity bond and affidavit, shall be in accordance with the stamp duty prescribed by law. AMCs and AMFI shall promote the importance of nomination as a part of its investor education and awareness programmes. 3. To ensure uniformity across the industry, AMFI is advised to prescribe th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X