Mumbai, June 20 -- People who hold mutual fund (MF) units in Statement of Account (SoA) form-that is, outside of demat accounts-can now add or remove joint holders and transfer those to others online.

On 17 June, Mint covered the step-by-step process of transferring or gifting MF units held in an SoA. Today, we will discuss other important updates.

Earlier, non-demat MF investors could not add or remove joint holders. Offline functionality was also absent.

Vishal Dhawan, a registered investment advisor (RIA) and founder of Plan Ahead Wealth Advisors, said a joint holder is like a co-owner of the mutual fund, whereas a nominee simply acts like a custodian and is responsible for eventually transferring units to legal heirs.

For example,...