Minor Account

Minor Demat Account and Trading Account

Things to know about Minor account:

Children below the age of 18 years in India are considered as a Minor.

Yes, both Demat and Trading account can be opened in the name of a minor child. The account will be operated by a guardian till the minor becomes major. Guardian can be Father or Mother. In absence of both, Father and Mother, the Guardian can be appointed by court.

The Guardian is legally entitled to open, operate and even close the Bank account, Demat account and Trading account in the name of Minor.

Minor Demat Account and Trading Account  

 

What is permitted :

  1. Can Apply in IPO , FFO , OFS etc in the Name of Minor using Minor Account.

  2. Can invest in ETF , Shares and Securities through Stock Broker.

  3. Can invest in Mutual Funds.

Minor account permitted  
Minor account not permitted  

What is not permitted :

  1. Any speculative activity like intra-day buy and sell .

  2. Any non delivery trades.

  3. Trading in Futures and Options.

  4. Payment from Bank account other than Bank account of Minor.

  5. Pledge of shares

 

Minor Account Opening Process and Document requirement.

The Following document of Minor is required . All the document must be in the name of the Minor .

  1. Photocopy of Aadhar Card

  2. Photocopy of Pancard

  3. Proof of Bank Account like cancelled cheque with name preprinted or copy of Bank statement where Name , Account Number , IFSC Code and address is mentioned and not older than 2 months.

  4. Photograph

  5. Photocopy of Birth Certificate in case Aadhar has year of Birth and not full date. Please note that no other document is allowed except birth certificate or Aadhar with full date of birth and not just year.

  6. Guardian will sign on behalf of Minor at all the places.

  7. All the document will be certified by the Guardian.

Additionally, the following document of Guardian is required :

  1. Photocopy of Aadhar Card ( self certified)

  2. Photocopy of Pancard ( self certified)

  3. Photograph

  4. Email ID and Mobile Number

  5. KRA of Guardian will also be required ( first page of KYC page ) if Guardian is not KRA and IPV compliant. Please visit www.cvlkra.com go to KYC enquiry option and check status of KRA and IPV of Guardian.

Process of Account opening :

Please login to our Ekyc website once all the above document are ready from the following link https://www.prostocksaccount.com/

Step 1 Register using Name of Minor and Email ID & Mobile number of Guardian. Select residential status as Resident.

Step 2 Fill all the information of Minor and not of Guardian.

Step 3 Upload document of Minor as well as Guardian.

Step 4 Generate PDF file

Step 5 ProStocks Team will check the PDF , Post checking you will receive call from email from [email protected] for signing instruction along with KRA of Guardian. You may also send email to [email protected] or call on 022-62 43 43 43 and press5.

Step 6 Instruction for  Printing and signing 

  1. Take the print of all pages
  2. Sign all places where marked sign and number is given. Please do sign stock holding page where a signature is mentioned.
  3. Two witnesses have to sign at two places and one witness at one place. Witness can be any adult who is neither Nominee nor Guardian in this form.
  4. Affix photograph  and sign across
  5. Attached self-certified copies of all document like Aadhar Card, Bank proof, Pan Copy etc.
  6. Send courier to our Goregaon east Mumbai address given herein below in this email.
  7. Issue cheque for Rs.1000/- in favour of “Sunlight Broking LLP”(Refundable deposit)
  8. You may also send scan image of the entire set before courier for one more round of checking and courier once you received the go-ahead from the support team. Please do call us  before sending courier so we can verify that all signatures are done and all required documents are attached.