Nomination facility for mutual fund units extended with prescribed eligibility rules, cancellation procedure, and transfer consequences. A new nomination facility is introduced for mutual fund unit holders. The asset management company must allow individual unit holders, singly or jointly, to nominate a person in whom the units will vest on death, and joint holders may nominate a person to receive all rights in the units on the death of all joint holders. The Fourth Schedule prescribes the nomination or cancellation form and instructions, including eligibility restrictions on who may nominate and who may be a nominee, provision for nomination of a minor through a guardian, rescission on transfer of units, and cancellation only by the original nominators.
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Provisions expressly mentioned in the judgment/order text.
Nomination facility for mutual fund units extended with prescribed eligibility rules, cancellation procedure, and transfer consequences.
A new nomination facility is introduced for mutual fund unit holders. The asset management company must allow individual unit holders, singly or jointly, to nominate a person in whom the units will vest on death, and joint holders may nominate a person to receive all rights in the units on the death of all joint holders. The Fourth Schedule prescribes the nomination or cancellation form and instructions, including eligibility restrictions on who may nominate and who may be a nominee, provision for nomination of a minor through a guardian, rescission on transfer of units, and cancellation only by the original nominators.
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