Comment on Start investing in mutual funds @ Zerodha

**RON** commented on 03 Mar 2016, 01:35 PM

I have made some MF purchase from your new MF platform. I am quite concerned after I spoke to HDFC MF today. You need to sought out things about Joint account holder and Nominee ASAP. You are behaving like icicidirect use to around 5 years back.

I am told (by HDFC MF) that my Folio , which is created after I made a purchase with you, does not have any joint account holder or Nominee. HDFC doesn’t recognise my wife (Joint holder) or my dad (Nominee).

Can you please answer my following questions, if possible in the same numeric order:

1. Why no Joint holder is added in the Folio? The Demat account is in Joint name.
2. Why no Nominee is added to the Folio? I have faced a lot of difficulties and lost around 2 lacs rupees because my grandfather did not have Nominee in his post office saving scheme. You are again going to put my family member through the same grief if you do not add Nominee to my MF investments.
3. If something happens to me, the folio will be in my name and the demat account will be in my Wife’s name (As the first holder is dead). How can this situation be tackled? Technically someone else’s units are in someone else’s account after my death. What are the documents that will be required by my wife to claim these MF units. Please note that ideally no documents should be required because she is the equal owner of the Demat account in which the units are held. HDFC has confirmed that they do not recognise the joint holder or the Nominee of my demat account.
4. For my future investments that I make through your MF platform, how can I add a Joint account holder and a Nominee?
5. Please note that icicidirect clearly provides an option to add a joint account holder and a Nominee in a folio (event though the units are held only in a folio and not the demat account). Do you have any plans to introduce this? If not its quite concerning.

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