Minor investment account rules: redemption proceeds must be credited only to the minor's verified bank account under guardian arrangements. Payment for subscription may be accepted from the minor's, parent's or legal guardian's bank account or a joint account; AMCs must obtain a Change of Pay-out Bank mandate for existing folios before redemption. All redemption proceeds must be credited only to the minor's verified bank account after KYC completion. Other prior provisions remain unchanged.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Minor investment account rules: redemption proceeds must be credited only to the minor's verified bank account under guardian arrangements.
Payment for subscription may be accepted from the minor's, parent's or legal guardian's bank account or a joint account; AMCs must obtain a Change of Pay-out Bank mandate for existing folios before redemption. All redemption proceeds must be credited only to the minor's verified bank account after KYC completion. Other prior provisions remain unchanged.
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