The shifting of minor to major is a process in which the tax status registered as "On behalf of minor" will be updated to a "Resident Individual"
Step 1: The minor client has to update the bank account status from the minor under guardian holding to a major account
Step 2: Once the bank account status is updated, the client has to complete the KYC registration process.
Step 3: After KYC registration, the tax status needs to be updated in the folios as well, following are the documents required for updating the same in the folios:
1)The prescribed MAM form (Enclosed) must be completed in all respects. Note: The applicant's signature (in case the minor has turned major) on the MAM form must be duly attested in the designated space by either:
- The parent/guardian whose signature is registered in the mutual fund's records against the minor unitholder's folio,
- A Notary, or
- A Judicial Magistrate First Class (JMFC).
Alternatively, the applicant’s signature can be attested by the unitholder’s banker in the prescribed format provided in Annexure 1.
2) Self-attested copy of the PAN Card of the applicant
3) KYC Acknowledgment OR KYC form of the applicant
4) Cancelled cheque with applicant’s name pre-printed OR Applicant’s Bank Statement/Passbook (Not more than 3 month old)
6) Nomination Form(enclosed)
7) A fresh SIP, STP, SWP mandate in the prescribed form (in order to continue the SIP, STP, SWP, if applicable)
The TAT for the tax status to be updated from minor to major is 7 to 10 working days.