Three Months for a Missing Middle Name
Imagine a woman's husband had opened the folio in 1998, at an address they left in 2004. She had his death certificate, her ID, the form filled correctly. The claim still sat.
Old address on the folio, current one on her papers. Different fund houses treated that differently, so there was nothing she could point to and say this is the rule. She just waited, and rang up every few weeks, and was told it was under process. This is considered as an example of the situation.
SEBI has now asked AMFI to fix this, and AMFI has amended the standards. An address that doesn't match, and the fund house can rely on the latest available details where documents support it. A name that doesn't match, and a self-certified Aadhaar or passport will do.
Look at one folio this week. Check the address on it, not the name. That's the one people forget they changed.
Rahul Karandikar
After two decades in technology, Rahul now works with individuals and families who want to think about money with clarity, patience, and a long-term perspective.