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What should I do if I haven't received payout for one of my mother's SREI NCDs and want to transfer the remaining NCDs to my father's name after her passing?

Milind

Milind Vadjikar  |1106 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Dec 16, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Dec 16, 2024Hindi
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My mother had 5 NCDs of SREI Infrastructure of 2 lakh each. She is the primary account holder of the NCD and that my father is the joint account holder. As you are aware SREI went in to NCLT and the new company has issued payouts as a lump-sum payments. I have following 2 issues. 1. Out of 5 NCDs, we received payouts for only 4 NCDs and despite of sending emails, we aren't getting any specific response back. 2. My mother expired last Nov and we wanted have all the 5 NCDs transferred in to the name of my father. In this regards, I have written emails to Catalyst Trusteeship Ltd, email addresses are available on the website of SREI. I am not getting back any response from them. Please guide me what do i do?

Ans: Hello;

When a company goes into bankruptcy the chances of getting NCD investment money back is very low irrespective of the fact whether it is secured or unsecured NCD.

You should be thankful to the almighty that atleast you have received money for the 4 NCDs.

You will have to accept the settlement adjudged by NCLT/NCLAT for NCDs in case of Srei infra else your father(joint NCD holder) may approach Hon. SC for getting a return of his funds but legally it will be on a weak footing.

You may also raise complaint to SEBI and RBI in the name of your father (joint holder of NCDs) for your concerns and seek response to your queries.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |8093 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Sep 19, 2024

Asked by Anonymous - Sep 18, 2024Hindi
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Sir my son in 2009 invested in Mutual fund rs.5000/- and again rs.5000/- another in 2011 total rs.10,000/- with Reliance mutuval funds later this company changed in the name of Nippon India private limite. My son at the of investments he had Old PAN no. Later on job purpose gone abroad and settled. He came in 2019 and submitted redeem his units say 2250 units currenly valued rs. 50,000 above . His application was rejected at first Old PAN Card not surrendered so he surrendered same with original attached with NRE status PAN and submitted agiain who they says You have to link his Aadhar card. He is not in a position to obtain this because he may get citizenship. I referred to SEBI and RBI to intervene but no response from them Please guide me how to redeem and get my son’s investments which I require for my ailing age of 78. Thanks in advance If you require his PAN no surrendered and obtained new NRE status PAN no.
Ans: Since your son cannot link his Aadhaar due to his NRI status, the best approach would be to reach out directly to Nippon India Mutual Fund and explain the situation. You can request the redemption process based on his NRI PAN and KYC status without Aadhaar linking.

Here's what you can do:

Contact Nippon India: Explain that your son is an NRI and cannot obtain an Aadhaar card. Request guidance for an NRI-specific redemption process.

Submit an NRI KYC Update: Ensure that your son's new PAN and NRI status are updated in the KYC records with the fund house. This can be done via the KYC Registration Agency (KRA) or CAMS for mutual funds.

Alternative Contact: If there is no response from the fund house, consider contacting AMFI or SEBI again, providing all necessary documents.

These steps should help you resolve the issue and redeem the units without requiring Aadhaar linkage.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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