The following guidelines are applicable from April 1, 2011 for purchase applications made on behalf of a minor:
- The minor should be the first and the sole holder in an account.No joint holder will be allowed in a folio where the minor is the first or sole holder.
- The date of birth of the minor would have to be provided in the application form along with a photocopy of supporting documents like birth certificate / passport / school leaving certificate.
- The guardian in the folio on behalf of the minor should either be a natural guardian (i.e. father or mother) or a court-appointed legal guardian.
- Investors have to provide information on the relationship/status of the guardian as father, mother or legal guardian in the application form and supporting documentary evidence will have to be provided evidencing the relationship (copy of birth certificate /passport) in the case of a natural guardian and appropriate evidence for court-appointed guardians.
- Details of documents which can be provided will be available along with the application form / Key Information Memorandum.
(a) No Objection Certificate (NoC) or Consent Letter from existing guardian or Court Order for new guardian, in case the existing guardian is alive.
(b) KYC Acknowledgment Letter of new guardian should also be provided.