The nominee/legal heir needs to submit an application for transfer of AUM of the deceased distributor no later than six months from the date of demise of the deceased distributor.
Checklist of Documents to be submitted by Nominee:
Transfer of AUM in the prescribed form as per Annexure 5
Covering letter to RTA in the prescribed format as per Annexure 3
Death certificate of the deceased MFD
A sample of the letter /email sent to the clients regarding the proposed change of ARN.
Proof of dispatch of the letters / email logs
List of clients (containing their name, PAN & folio numbers).
Bank Attestation of signature of the nominee/legal heir by a Bank Manager in prescribed format as Annexure-9.
Checklist of Documents to be submitted by Legal Heir (No Nominee registered):
Transfer of AUM in the prescribed form as per Annexure 5
Covering letter to RTA in the prescribed format as per Annexure 3
Death certificate of the deceased MFD
A sample of the letter /email sent to the clients regarding the proposed change of ARN.
Proof of dispatch of the letters / email logs
List of clients (containing their name, PAN & folio numbers).
Bank Attestation of signature of the nominee/legal heir by a Bank Manager in prescribed format as Annexure-9.
Any appropriate document evidencing relationship of the legal heir with the deceased distributor.
NOC from other legal heirs as per Annexure 6.
Individual affidavit to be given by each legal heir as per Annexure 7.
Bond of Indemnity as per Annexure 8 (Provided that if the legal heir is submitting a certified copy of a Succession Certificate or Probate of Will or Letter of Administration of appropriate court order wherein the legal heir is named as a beneficiary, an affidavit as per Annexure 7 from such legal heir would be sufficient, i.e., Bond of Indemnity is not required)
Points to be Noted before submission of AUM transfer:
Intimation to CAMS – AMFI unit:
The nominee / legal heir of the deceased distributor should promptly submit a written intimation about the death of the ARN holder, mentioning the name, PAN and ARN of the deceased distributor along with his/her ARN card and a true copy of the death certificate of the deceased distributor duly attested by a Notary or by a Gazetted officer.
Cancellation of ARN :
CAMS -AMFI unit shall cancel the ARN of the deceased MFD in the ARN database and inform all AMCs and RTAs and also send a confirmation to the nominee/ legal heir.
The Nominee/ legal heir should have –
A valid ARN as on the date of request for transfer of AUM.
Should be KYD compliant.
Should have submitted his/her annual declaration of self-certification (DSC) due as on the date of request for transfer of AUM (where applicable).
Empanelment in AMC:
If the nominee/legal heir is not already empaneled as a distributor with the AMCs with whom the deceased distributor was empaneled, he/she should make an application for empanelment as distributor to each of the AMCs.
NISM Certification:
Nominee/legal heir should clear the NISM-Series-V-A: Mutual Fund Distributors Certification Examination, followed by apply for the ARN online through AMFI website or submit a physical application for ARN at any of CAMS’ POS and obtain the ARN.
Only those assets which were mobilized by the deceased distributor prior to his/her demise (including SIP’s registered prior to death) and during the validity of his/her ARN can be transferred to the ARN of the nominee/ legal heir
The RTAs shall complete the AUM transfer across all the AMCs serviced by them within 15 calendar days of submission of AUM transfer request/completion or cooling period, whichever is later, and send an email confirmation to the Nominee/Legal Heir distributor, with copy to the concerned AMC (as per sample /draft attached).