Mutual Fund Redemption or Nominee Claim Stuck? AMC to SEBI SCORES

Who this guide is for

This guide is for two groups of people facing very different problems, but the same frustration of money being held up:

• Investors whose redemption proceeds have not been credited — whether the delay is because of a KYC flag, an incorrect or unregistered bank mandate, a locked folio, or simply an AMC or RTA that has not processed the request in time.
• Nominees or legal heirs who need to claim a deceased investor's mutual fund units — including cases where the AMC is asking for documents you are unsure about, or where the RTA has not responded to your transmission request.

It also helps anyone who has already contacted the fund house but received no satisfactory response and wants to know the next escalation step. The guide on missing or wrongly pledged demat shares covers related problems on the demat side.

AMCs and RTAs are private entities. RTI does not apply to them. The regulator to approach is SEBI, through its SCORES portal and Smart ODR system — both described in full below.

What you can do this weekend

Friday evening

Gather your folio details. Log in to the AMC's website or your distributor platform (or the RTA portal — camsonline.com if your fund is CAMS-serviced, mfs.kfintech.com if it is KFintech-serviced). Check the transaction status. Write down:

• Folio number and scheme name
• Transaction reference number and date of the redemption or transmission request
• The exact reason shown for any hold or pending status — for example, "KYC on hold", "bank mandate not registered", "documents awaited"
• Name and email of the AMC's investor grievance desk (usually on their website under "Contact Us" or "Investor Service")

If you are a nominee or legal heir, find the folio numbers of all schemes the deceased investor held. Pull together the death certificate and check whether a nomination was registered on each folio.

Saturday

Send a written complaint by email to the AMC. Use the template below as your base. Attach every document you already have — account statement, transaction confirmation, PAN, cancelled cheque, or death certificate as applicable. Note the time and date you sent it. Under SEBI's investor protection framework, AMCs are required to acknowledge your complaint within 7 working days and work toward resolution within 30 days.

In parallel, if your problem is a KYC flag, contact the relevant KRA (KYC Registration Agency) directly to find out exactly what discrepancy they have recorded. The main KRAs are CAMS-KRA, KFintech-KRA, CVL (CDSL Ventures), DotEx (NSE), and NDML (NSDL). Ask them in writing what document or correction they need.

Sunday

Register yourself on SEBI SCORES (scores.sebi.gov.in) in advance. Registration requires your PAN, mobile number, email, and date of birth. You will not need to file the complaint yet — that comes only after the 30-day AMC window passes — but having your account ready saves time. Also bookmark smartodr.in for the next stage if needed.

If this is a transmission claim and you are still unsure which documents to gather, read the documents checklist below carefully. For holdings spread across multiple AMCs, note that each AMC processes the transmission request separately and you will need to submit documents to each one (or to each one's RTA).

Documents and evidence checklist

Step-by-step action plan

For a stuck normal redemption

1. Check transaction status and identify the hold reason. Log in to the AMC website or the RTA portal (camsonline.com or mfs.kfintech.com) and note the exact status and reason. Screenshot it.
2. Resolve any KYC or bank mandate issue first. A KYC flag cannot be overridden by a complaint — the underlying mismatch has to be fixed. Contact the KRA that flagged it, submit the corrected document, and get written confirmation that KYC is now "Verified". For a wrong bank mandate, submit the update request with a cancelled cheque and bank statement — the RTA will run a penny-drop verification before activating the new mandate.
3. Send a written complaint to the AMC grievance desk. Use the email address listed on the AMC website under investor services. State your folio number, transaction reference, date, amount, and the exact problem. Attach supporting documents. Request a written response with a specific resolution date. Keep a copy of everything sent.
4. If the AMC does not respond or resolve within 30 days, escalate to the RTA. Raise the same grievance directly with CAMS (camsonline.com → Grievances) or KFintech (investor.kfintech.com → Investor Grievances), providing the folio details and the AMC complaint reference.
5. File on SEBI SCORES. Go to scores.sebi.gov.in, register if you have not already, and lodge a complaint. Select "Mutual Fund" as the entity type, name the specific AMC, and upload all prior correspondence. The AMC must respond through SCORES within 21 calendar days. You will receive a unique complaint registration number to track status.
6. Request a SCORES review if unsatisfied. If the AMC's response on SCORES does not resolve the matter, you have 15 days to request a first-level review. SEBI's first-level review team will take up the matter.
7. Escalate to Smart ODR for binding resolution. If SCORES reviews are exhausted, register on smartodr.in and invoke online dispute resolution. The process moves through pre-conciliation (no cost, aimed at settlement), conciliation (neutral mediator), and if needed, arbitration (binding award). No physical hearing is required — the entire process is digital.

For a transmission claim after the investor's death

1. Identify all folios and the nomination status on each. Obtain a consolidated account statement (CAS) from CAMS or KFintech using the deceased's PAN and date of birth. This will list every mutual fund folio and the scheme details. Check whether a nominee was registered on each folio.
2. Gather the correct documents for each folio. Use the documents table above. For folios with a registered nominee, the process is relatively simple — death certificate plus nominee's KYC. For folios without a nominee, the document set depends on the total value of holdings; confirm the current thresholds with each AMC as AMFI guidelines on this can be updated.
3. Submit the Transmission Request Form (T3) to the AMC or RTA. T3 forms are available on each AMC's website and on CAMS and KFintech portals. Submit the completed form and supporting documents in person at a service centre or by registered post. Keep the acknowledgement receipt.
4. Follow up in writing if there is no response within 10 working days. The standard processing time for a transmission request is around 10 working days once all valid documents are received. If the AMC acknowledges receipt but then goes silent, send a written follow-up email referencing your submission date and the documents submitted.
5. If the AMC rejects the claim or demands documents not listed in AMFI guidelines, escalate to SCORES. Since March 2025, SEBI rules expressly restrict AMCs from asking nominees for affidavits or indemnities. If an AMC is asking for more than the law requires, that is itself a reportable grievance on SCORES. File accordingly and quote the January 2025 SEBI circular on nomination facilities.
6. Invoke Smart ODR if SCORES does not resolve it. Same escalation as described for normal redemptions above.
7. If the estate requires a Succession Certificate, file for one via the District Court. The guide on applying for a Succession Certificate explains that process in detail. For large or complex estates, consult a qualified advocate.

Escalation ladder

Copy-paste complaint template

Replace the text in square brackets with your own details before sending.

When RTI can help

SEBI is a statutory public authority and is covered by the RTI Act 2005. You can file an RTI application against SEBI to obtain:

• A copy of the specific SEBI circular or guideline governing mutual fund transmission or redemption timelines — useful if the AMC is demanding documents not required under current rules.
• The outcome or status of a SCORES complaint you have already filed, if SEBI's own department has failed to act on it in a reasonable time.
• Details of regulatory action (if any) taken by SEBI against a specific AMC — which can strengthen a legal case.
• SEBI's register of registered AMCs and RTAs — to verify whether the entity you are dealing with is actually SEBI-registered (relevant if you suspect a mutual fund advisor scam).

To file an RTI to SEBI, use the online portal at the RTI Act portal or send a written application to SEBI's Central Public Information Officer (CPIO) in Mumbai. The guide to filing an RTI online explains the general process. SEBI's response is due within 30 days. If they do not respond, the first appeal goes to SEBI's First Appellate Authority — see the first appeal guide for the process.

When RTI will not help

RTI does not apply to private entities. This is a hard limit under the RTI Act 2005:

• AMCs (even large ones like HDFC AMC, SBI AMC, or Mirae Asset) are private companies. You cannot file an RTI against them. Use SEBI SCORES instead.
• RTAs — CAMS and KFintech — are private companies. RTI does not apply. Use the RTA's own grievance portal or SCORES.
• KYC Registration Agencies (KRAs) are privately operated. RTI does not apply. Contact them directly in writing.
• Distributors and brokers through whom you bought mutual funds are also private. SEBI SCORES covers them, not RTI.

If you suspect a broader fraud — for instance, a fake advisor who posed as an AMC representative — also see the guide on fake mutual fund advisor scams in India and the guide on fake demat account fraud. For issues with government-linked portals and CPGRAMS, see the CPGRAMS guide.

Common mistakes to avoid

• Trying to fix a KYC flag through a complaint alone. A SCORES complaint will not remove a KYC hold — the underlying discrepancy between your PAN, Aadhaar, or address records must be corrected with the KRA first. Complaints without fixing the root cause simply bounce back as "KYC issue — out of scope".
• Submitting transmission documents to the wrong entity. The Transmission Request Form (T3) goes to the RTA that services the specific fund, not always directly to the AMC. Identify whether your fund is serviced by CAMS or KFintech and submit to the right service centre.
• Not keeping copies of every document submitted. AMCs have been known to claim they did not receive a document. Submit by registered post or email with read-receipt, and keep the acknowledgement slip from any physical service centre.
• Accepting verbal assurances instead of written responses. A phone call to the helpline is not a grievance on record. Always follow up any call with a written email summarising what you were told and by whom.
• Filing on SCORES before giving the AMC a fair chance. SCORES requires investors to attempt resolution directly with the entity first. Filing too early is not a problem as such, but the AMC will simply be asked to respond, and you will wait again. Save yourself a step by giving them 30 days in writing.
• Assuming a nominee automatically inherits the money. Under Indian law, a mutual fund nominee receives the units as a trustee for the legal heirs, not as an absolute owner. The nominee should ideally coordinate with other legal heirs, especially if the deceased left a will. For complex family situations, consult a qualified advocate. The Succession Certificate guide explains when a court document becomes necessary.
• Ignoring the one-year filing deadline on SCORES. The SCORES portal requires complaints to be filed within one year of the date on which the issue occurred. If the redemption request was rejected or the transmission was refused a long time ago, file on SCORES without further delay.
• Thinking the NPS or CPGRAMS route applies here. CPGRAMS handles central government service grievances — it does not cover private AMCs or SEBI-regulated entities. The route for mutual fund complaints is SCORES, not CPGRAMS (though CPGRAMS may be used for other financial grievances involving government departments).