Death case of mutual fund investor

Personal finance
1

Please consider the following hypothetical cases and explain me how should any nominee should approach. Please explain in both direct and regular mutual fund. (Please consider units in both digital and demat form)

  1. Nominee should approach to whom? Broker, distributor banks or intermediator, CAMS or KARVY, direct AMC
  2. Does nominee has to submit documents to each and every AMC separately?
  3. Is broker not legally bind to settle this claim? Whos legal responsibility is this do settle this claim?
3

@kulkarni.tejas100

The whole process is documented here. Please check. Hope this helps

4

@eddiechris thank you. I am okay with this. As units of mutual funds in coin is stored in demat form. What will be the case in other brokers? Those investor

  1. Who hold the units in non demat form
  2. who hold the units directly with AMC
  3. who don’t have demat account, those who purchased through Banks/other intermediately

I ask question only about mutual fund units. Not about shares

5

Am not that but will try to answer. Not sure if it would make sense

Who hold the units in non demat form
Nominee can reach out to AMC directly if it only 1-2 Folios ( Multiple AMC’s ) . Or can reach out to CAMS/KARVY as it becomes easy to track at single source

who hold the units directly with AMC
Technically it should be AMC. But i may be wrong here

who don’t have demat account, those who purchased through Banks/other intermediately
Still AMC or CAMS should be the right direction to track. First thing they need to do is get a consolidated statement with CAMS/Karvy which lists all the schemes/Folios they subscribed for

Below link also has some details