Procedure – Handling of AUM and Brokerage in Case of Deceased Partner
Scenario 1: Nominee/Legal Heir holds a valid ARN
- Upon receipt of the death intimation of the sub-broker, Empanel the nominee’s ARN with Assetplus.
- Along with required documents (death certificate, ARN card, nominee’s ARN details, etc.), an internal AUM transfer process is initiated.
- The AUM is transferred from the deceased MFD’s ARN to the nominee/legal heir’s ARN.
- Subsequent trail brokerage payouts continue under the nominee’s ARN as per standard payout cycles.
Scenario 2: Nominee/Legal Heir does not hold a valid ARN and Not Informed to AP:
Brokerage will continue to be paid to the deceased partner’s account until the ARN/EUIN becomes invalid (For Existing Investment only).
If the bank account is active – payout will be processed as usual.
If the bank account is inactive – payout will be reversed.
In such cases, the team should reach out to the nominee to obtain updated bank details and continue crediting the brokerage until the ARN/EUIN remains valid.
