Minor investment guardian rules require updated KYC and bank details and suspension of systematic instructions until majority. Payments for investments in a minor's mutual fund account must come only from the minor's bank account or a joint minor guardian account; on majority the investor must provide updated KYC and bank details and transactions are suspended until status is updated. AMCs must suspend SIP/STP/SWP standing instructions on attainment of majority and employ image based processing, common transmission and NOC forms, a uniform document set and a standard unclaimed funds process for transmission claims, with AMFI prescribing mandatory templates and procedures.
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Minor investment guardian rules require updated KYC and bank details and suspension of systematic instructions until majority.
Payments for investments in a minor's mutual fund account must come only from the minor's bank account or a joint minor guardian account; on majority the investor must provide updated KYC and bank details and transactions are suspended until status is updated. AMCs must suspend SIP/STP/SWP standing instructions on attainment of majority and employ image based processing, common transmission and NOC forms, a uniform document set and a standard unclaimed funds process for transmission claims, with AMFI prescribing mandatory templates and procedures.
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