[shipnil]

Seasoned investors, need help. Are there any schemes available on portals like MF Utility/MF Central that hold international stocks, listed on foreign exchanges?

I tried to research on Value Research, but most of them were ETF or FoF which were not available on MFU.

[SmartCat]

Originally Posted by shipnil

Seasoned investors, need help. Are there any schemes available on portals like MF Utility/MF Central that hold international stocks, listed on foreign exchanges? I tried to research on Value Research, but most of them were ETF or FoF which were not available on MFU.

Found one! Aditya Birla Sun Life International Equity Fund
https://www.valueresearchonline.com/...nd-direct-plan

[DigitalOne]

Originally Posted by shipnil

Seasoned investors, need help. Are there any schemes available on portals like MF Utility/MF Central that hold international stocks, listed on foreign exchanges?

I tried to research on Value Research, but most of them were ETF or FoF which were not available on MFU.

ETFs will not be available in MFCentral/ MF Utility as they are supposed to be bought from the exchange via a broker. But FoFs are available like for example, Franklin India Feeder Franklin US Opportunities Fund.

Funds like Templeton India Equity Income Fund invest small portion of the portfolio in international equity. Then there is the most famous Parag Parikh Flexicap fund which invests around 10-15% in international equity (mostly FAANG companies). Few Multi-asset funds, for example Nippon India Multi Asset fund, also invest in international equity (though may not be directly).

All of these above are investing in International equity to various degrees and are available on MFCentral.

[careind]

Originally Posted by DigitalOne

ETFs will not be available in MFCentral/ MF Utility as they are supposed to be bought from the exchange via a broker. But FoFs are available like for example, Franklin India Feeder Franklin US Opportunities Fund.

The only qualm that I have is that the all these international FoFs are treated as Debt funds and returns would be taxed as per income tax slab.

[blorebuddy]

Originally Posted by careind

The only qualm that I have is that the all these international FoFs are treated as Debt funds and returns would be taxed as per income tax slab.

This is changed in 2004 budget. If you are buying ETFs from exchange through your trading account then the LTCG is 12.5% like any other equity after 1 year of holding. If you buy FOF from a Mutual Fund house then after 2 years of investment it attracts LTCG with 12.5% taxation without any indexation.

What you are saying is correct if you have bought and sold in this FY and also true in the previous FY. Please check.

[careind]

Originally Posted by blorebuddy

This is changed in 2004 budget. If you are buying ETFs from exchange through your trading account then the LTCG is 12.5% like any other equity after 1 year of holding. If you buy FOF from a Mutual Fund house then after 2 years of investment it attracts LTCG with 12.5% taxation without any indexation.

Thanks for that tidbit. You probably meant 2024, and I am just reading the taxation details for Global funds now.
I can breath easy about my investment in DSP and Franklin

[blorebuddy]

Originally Posted by careind

You probably meant 2024, and I am just reading the taxation details for Global funds now.
I can breath easy about my investment in DSP and Franklin

Sorry for the typo. It's 2024 budget. Happy investing!

[Ananthang]

I made a stupid mistake. Please save me the embarrassment for being that and help me. Today I wanted to buy the NFO of Kotak on Nifty midcap 150 for my mother in law. Most of her investments are secured in FD, so a little diversification. Today is the NFOs closure and she does not have a Demat account.

So I logged into Kotak MF AMC site using her Mobile and applied for 25000 worth MF units. Then I realized the profile is sitting under my deceased father in law and I have successfully invested on a dead persons account. I paid using UPI.

Please let me know what I should do now. My mother in law started using my FIL mobile and email accounts post his death.

Why I failed - Close to 95% of his investments are in my mother in laws name, we are using the same account but just deleted his name out. So I naturally logged I saw the profile with few investments already, and proceeded with new investment today. Please help me with next steps.

[pradkumar]

Call up Kotak AMC and talk to them. They have a request a callback option on their website.

Pradeep

Originally Posted by Ananthang

I made a stupid mistake. Please save me the embarrassment for being that and help me. Today I wanted to buy the NFO of Kotak on Nifty midcap 150 for my mother in law. Most of her investments are secured in FD, so a little diversification. Today is the NFOs closure and she does not have a Demat account.

So I logged into Kotak MF AMC site using her Mobile and applied for 25000 worth MF units. Then I realized the profile is sitting under my deceased father in law and I have successfully invested on a dead persons account. I paid using UPI.

Please let me know what I should do now. My mother in law started using my FIL mobile and email accounts post his death.

Why I failed - Close to 95% of his investments are in my mother in laws name, we are using the same account but just deleted his name out. So I naturally logged I saw the profile with few investments already, and proceeded with new investment today. Please help me with next steps.

[DigitalOne]

Originally Posted by Ananthang

Please let me know what I should do now. My mother in law started using my FIL mobile and email accounts post his death.

Why I failed - Close to 95% of his investments are in my mother in laws name, we are using the same account but just deleted his name out.

Admitting the mistake and going via the customer service route may invite bigger trouble as you are not supposed to operate a deceased person's account even if you know his/her password. You have said that 95% of his investments are in your MIL's name. Does it mean these were joint accounts earlier and now only in your MIL's name? I guess you have two options:

1. Let the transaction go through and then redeem it soon.

2. If there are still existing investments in your deceased FILs name that are in the process of transfer to your MIL, then include this in the process.

In both scenarios, hope that it doesn't get noticed that the account was operated after your FILs death.

[Ananthang]

Originally Posted by DigitalOne

Admitting the mistake and going via the customer service route may invite bigger trouble as you are not supposed to operate a deceased person's account even if you know his/her password. You have said that 95% of his investments are in your MIL's name. Does it mean these were joint accounts earlier and now only in your MIL's name? I guess you have two options:

1. Let the transaction go through and then redeem it soon.

2. If there are still existing investments in your deceased FILs name that are in the process of transfer to your MIL, then include this in the process.

In both scenarios, hope that it doesn't get noticed that the account was operation after your FILs death.

Thanks DigitalOne, yes all are joint accounts and we just removed his name as per Govt process. There are no ongoing SiP, but 1 or 2 minor investments are there in his name which we have to change but those are less than 10000.

I assume Aadhar is invalid on death of a person and so the investment may fail KYC, else I will wait and redeem but I am not sure.

I will try once with Kotak MF AMC.

[Carpainter]

Originally Posted by Ananthang

Thanks DigitalOne, yes all are joint accounts and we just removed his name as per Govt process. There are no ongoing SiP, but 1 or 2 minor investments are there in his name which we have to change but those are less than 10000.

As far as I know, the process is not right. If your FIL was the first account holder in these accounts then upon his death the accounts should also be closed or transferred to a new account opened in your MILs name. As per Indian banking system, in case of individual accounts, only the first account holder is treated as the owner of the account and upon his death the account can't be operated by the joint account holder in his/her own capacity. Experts can shed more light in this.

[alexgv]

Originally Posted by Carpainter

As far as I know, the process is not right. If your FIL was the first account holder in these accounts then upon his death the accounts should also be closed or transferred to a new account opened in your MILs name. As per Indian banking system, in case of individual accounts, only the first account holder is treated as the owner of the account and upon his death the account can't be operated by the joint account holder in his/her own capacity. Experts can shed more light in this.

I went through this process on my mom's death. For bank accounts in case the first holder has expired , the first holder's name is deleted from the account. The second and/or third holder can operate the account (depending on the operational method either or survivor). In case the first holder was the only account holder, then the account is closed and proceeds given to nominee.
For mutual funds there is a transmission form T2 for deletion of first holder from the folio. The folio can then be operated by the second holder who is now first.
For Demat account, yes the account is closed and new account in favor of joint account holder needs to be created created and securities transferred to it.
hope this helps.

[Carpainter]

Originally Posted by alexgv

I went through this process on my mom's death. For bank accounts in case the first holder has expired , the first holder's name is deleted from the account. The second and/or third holder can operate the account (depending on the operational method either or survivor). In case the first holder was the only account holder, then the account is closed and proceeds given to nominee.
For mutual funds there is a transmission form T2 for deletion of first holder from the folio. The folio can then be operated by the second holder who is now first.
For Demat account, yes the account is closed and new account in favor of joint account holder needs to be created created and securities transferred to it.
hope this helps.

In case of SBI, savings account has to be closed in case the first holder dies even if the account had survivorship clause. 2nd holder can transfer the proceeds in his/her own account or open a new account. Only time deposits can be continued by the surviving holders. But ofcourse other banks may have other rules.

[Ananthang]

Originally Posted by Carpainter

As far as I know, the process is not right. If your FIL was the first account holder in these accounts then upon his death the accounts should also be closed or transferred to a new account opened in your MILs name. As per Indian banking system, in case of individual accounts, only the first account holder is treated as the owner of the account and upon his death the account can't be operated by the joint account holder in his/her own capacity. Experts can shed more light in this.

Yes from Banking side we submitted Death certificates and Legal heir documents and removed his name from accounts we operate daily and made my Mother in law as primary. In this case, I logged in with mobile to Kotak MF site and invested only notice it was under his profile. Seldom he invested on his name, but this was something I missed to notice. We continued his mobile number and gmail accounts post his death because none of his financial transactions as his death was a 3 month affair from diagnosing cancer to his demise. For loans we closed them, and for credit cards like SBI when we notified his death they closed it automatically as the outstanding was very small. Few other credit cards we paid all dues and closed it.