 "mutual funds, MFs")
The Securities and Exchange Board of India (Sebi) has implemented a centralised procedure for reporting and verifying an investor’s death, aiming to ease the transmission of securities to legal heirs.
“The existing claim procedure involves separate, paper-intensive formalities with each financial institution,” says Bharat Chugh, a Supreme Court advocate and a former judge.
The task becomes complex if claims need to be made from multiple fund houses. “With unclaimed money in Indian financial assets surpassing thousands of crore, Sebi’s centralised mechanism promises a more efficient and compassionate approach to handling the aftermath of an investor’s demise,” says Chugh.
The procedure
