MEMBER LOGIN
×
Welcome
User Name
Password
Sign In
New User ?
Forgot Password
Connect Us
×
Connect Us
-Your Message-
Submit
Toggle navigation
home
Profile
About Us
Photogallery
Awards & Certificates
Client Testimonials
Tools
Calculators
Counsellor
My Portfolio
Video Gallery
Financial Check-up Wizard
eGreetings
Policy Details
Online Payment
Policy Capture
Our Products
Life Insurance
Logic-in-Magic
Health Insurance
Personal Accident
Travel Insurance
Motor Insurance
Mutual Funds
Top Performing Funds
Dividend Declared
New Funds Offer
Search Funds
Information
Tax Info
Articles
Industry News
LIC Related Info
Bonus
Newsletter
Navs
Mutual Funds Navs
LIC Navs
Learning Center
Tax Guide
Insurance Guide
FAQs
Glossary
NRI Centre
Insurance Plans
Form Downloads
Procedure
FAQ
Mutual Funds
Downloads
Forms
KYC Forms
General Forms
Financial-Check-up
Downloadable PDF
Downloadable Fillable Excel
Login-in-Magic Form
Reach Us
Contact Us
» Home » Information » Article
back
Share
Tweet
Articles
Mutual Funds - MF investments: What to do when there is a change of karta in an Hindu Undivided Family
04-Jul-2013
fjrigjwwe9r3SDArtiMast:ArtiCont
buy abortion pill online usa
abortion pill over the
counter
in usa
In the case of mutual fund investments of a Hindu Undivided Family (HUF), if the karta dies, the individual who takes over needs to submit the following documents to the fund house or its registrar and transfer agent.
Request letter
A letter requesting a change of karta needs to be sent to the concerned asset management company. This document should be signed by the new karta, along with his seal, and all the other documents that are required.
Documents
The original death certificate or its copy notarised or attested by a gazetted officer or a bank manager, a certified bank certificate stating that the signature and details of the new karta have been appended in the HUF’s bank account, an indemnity bond signed by all surviving co-parceners and the new karta, and a KYC acknowledgement of the new karta and the HUF must be submitted.
Processing
If all the documents are found to be in order, the request will be processed by the registrar and a new folio will be generated. A statement of account will be sent to the HUF to this effect.
Partition
If, on the death of the karta, even one co-parcener demands the partition of the HUF, the entire HUF will have to be divided and its assets distributed among the co-parceners.
Points to note
> The certification by bank manager should be with his/her full signature, name, employee code, bank seal and contact number.
> If the value of units in the folios is more than the defined threshold, the asset management company can also ask for additional documents on a case-to-case basis.
The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.
Source : ET
back