Lock-in period for transmitted ELSS MF units to sole nominee is not 3 years but 1 year since origina

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Dear sir,

My aunty bought Sundaram MF Diversified ELSS units in Feb 2021. I was the only nominee for the same. She passed away in Jan 2023. The units were transmitted post sole original holder's death to my Demat account as I was the sole nominee, in Sept 2023. Now I want to sell these MF ELSS units as the lock in period is already over from original holder's buying date. But in death case the nominee can encash it any time after 1 year of original holder's purchase date. But my DP Bank of Baroda BOBCAPS says, that units are under lock-in period, as they are considering transmission date as date of purchase, which is wrong. Kindly confirm what I said is correct, that lock-in is only for 1 year. I submitted all the proof of my aunt's SOA of DP stating date of purchase, date of transmission, my DP SOA showing date of transmission, SEBI, CBDT, I/T MF association circulars, Sundaram SID on ELSS, highlighting the same to BOBCAP cust care. But they refuse to answer. What should I do? Since MFs are in Demat form, only holding DP can redeem the units.

Sunil S. Joshi.

 

Replies (1)

 the lock-in period of 1 year from the purchase date (Feb 2021) is already over. 

Escalate the issue to a higher authority

Contact  Mutual Fund

 

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