​Minor child turns major: Do this to avoid mutual fund account being frozen

economictimes.indiatimes.com:

Investments in mutual funds can very well be made in the name of an individual's minor son or daughter. But once the said minor son or daughter turns 18 i.e. becomes major, certain compliances have to be followed. If these compliances are not followed no further transactions will be allowed for the said mutual fund folio.

To keep your mutual fund investment unaffected, once the minor turns major, you must get the mutual fund account regularised by submitting certain details and documents.
«Upon the minor attaining the status of major, the minor in whose name the investment was made, shall be required to provide all the KYC details and updated bank account details including cancelled original cheque leaf of the new account. No further transactions shall be allowed till the status of the minor is changed to major,» said the Securities and Exchange Board of India (SEBI) in a circular dated December 24, 2019.

What are the documents needed to convert the status of mutual funds from minor to major?

Senthil G, Chief Business Development Officer — India & Global Business, KFintech, a registrar and transfer agent (RTA) explains the process and documents required for converting a minor son or daughter's mutual fund investment account's status from minor to major.

He says, «To covert the status of mutual funds, the parents of the minor must submit a written application for status change with AMC or RTA of the concerned mutual fund. The application should also have the minor's signature, which the bank official attests.»

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Apart from the application, certain documents are also required. They are: A minor's