Can there be more than one nominee in a mutual fund account?
Suraj Sunderdas, Kochi
It is mandatory to have a nominee mentioned when you invest in a mutual fund. This way, you ensure there is a clear transfer of your assets to the nominee in case anything happens to you. Normally you can have up to three nominees specified, and you can even specify what percentage of the investments should go to each. For instance, you could be making a 40 per cent allocation to one and 30 per cent allocation each to the other two nominees. However, if you do not specify how you wish to distribute the holdings to your nominees, the AMC will distribute the proceeds in equal measure to all specified nominees.
