Revised Process related to Minor Investment , Nomination , Transmission

This is with reference to Addendum 98, following are process & document related changes applicable w.e.f. 1st April,2011.
Summary points:
Minor Investment -
 No joint Holding allowed in Investment on behalf of Minor
Only natural Guardian ( Father/Mother /Court appointed Legal Guardian ) allowed.
Birth date proof to be submitted alongwith application. Documents like Birthcertificate , School leaving certificate ,passport copy, Anyother proof evidencing Date of Birth
In case of Court appointed Guardian , supporting documentary evidence required.

Minor Attaining Majority -
Minor to submit application to transfer folio in his own name once he becomes major,
Guardian can not undertake any txn (including SIP ,STP ,SWP) once minor become major.

Change in Guardian
Change of Guardian is possible either due to Mutual Consent or demise of existing Guardian.
Documents to be submitted are (1) Request letter from new Guardian (2) No objection letter /consent letter from existing guardian if alive
Notarized copy of Death certificate of deceased guardian

Nomination Mandatory -
Nomination shall be mandatory for all new folios
Nomination will be at folio level and shall be applicable to all schemes
All joint holder to sign nomination form
Nomination shall not be allowed in Folio held on behalf of Minor
In case Investor does not want to update nominee details , written confirmation to that effect from Investor will be required.


Also refer:

Procedure for Transmission - Change in Guardian due to demise of Existing Guardian