Reform inefficient succession processes

India’s succession process is broken. Most of us have faced issues in dealing with transfer of assets of a deceased investor. Succession remains an obstacle course across all asset classes with real estate and agricultural land being the worst even in cases where there are no disputes. SEBI’s recent circular categorically stating that the MFs or Depositories can only ask for death certificate and KYC documents from the nominees apart from the standardised transmission form (and nothing else) should do much to ease the process of succession in the securities market. The government has a great opportunity to take the ease of living index up many notches by ensuring changes in laws and procedures that will make the succession process easier across the financial sector and possibly even the real estate sector. It requires no budgetary support just the will to act. Will we see action on this front soon?

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