When a minor investor attains the age of 18, the mutual fund folio must be updated to reflect their new status as a major. Until this update is completed, no transactions, including redemptions, switches, SIPs, or STPs can be processed in the folio.
Documents Required (to be submitted to each AMC):
Step 1: KYC Acknowledgment (in the name of the major)
- The investor must complete full KYC in their own name before the status update
- Submit updated KYC form if not already done
Step 2: Submit Status Change Request (AMC’s Wise)
- Request Letter
- Signed by the investor (now major)
- Mention the folio number and request to update the status from minor to major
2. PAN Card Copy (self-attested by the investor)
3. Bank Proof (in the major's name)
- Cancelled cheque with name pre-printed, or
- Bank passbook (1st page and latest transaction page) with Bank Seal, or
- Latest 3-month bank statement with Bank Seal
4. Nomination Form
5. Banker attestation for Signature
6. A fresh SIP, STP, SWP mandate in the prescribed form (in order to continue the SIP, STP, SWP, if applicable.)
Important Notes:
- All existing SIPs, STPs, and SWPs in the folio will be discontinued on the date of attaining majority.
- The folio will remain inactive until the status is updated with the above documents.
- The bank account must be in the name of the major investor – not the guardian.
- The guardian will no longer have authority to operate the folio once the status is updated.