As per SEBI guidelines, minor’s demat & Trading account can be opened for any individual Minor below the age of 18 years (in India).
Simply you can open a Minor demat account in your minor child’s name. Start Investing in mutual funds, stocks, and the like through this minor demat account.
To open demat account for minor following documents are required
When you open a minor demat account you will require following documents:
- PAN details of the guardian
- PAN details of the minor
- Proof of Birth of the minor
- Proof of identity of the minor
- Proof of address of the minor
The guardian needs to submit the required form properly filled with the KYC details of both the guardian and minor.
Once the details are verified the DP will issue a client ID and account number.
When the Minor reaches 18 years of age
Once the minor reaches 18 years of age, the minor will need to raise a request with Angel One to convert the demat account into a normal (major’s) demat account. Documents that need to be submitted include:
- Pan Card
- Address Proof
- Bank Statement
Once confirmed, the guardian’s details will be deleted from the account and his signatures will be replaced by that of the minor (now turned major).