I am facing a peculiar situation and I want your views.
Ø Mother is investing on behalf of her minor Son
Ø Investment is from Minor Son’s Bank a/c only
Ø In the cheque there is no a/c holder name printed
Ø In the common application and SIP forms minor bank a/c only mentioned and his mother only signed in common, sip forms and cheque.
Ø In the SIP from minor son name only mentioned in the name as per bank record.
Ø Attaching DOB certificate,in that mothers name mentioned.
I want to know what other forms required?
==============================
For the above mentioned case One of the AMC is treating this case as third party payment.
In non minor investments if the name of the investor is not printed in the cheque the AMC verifies the signature and bank details mentioned in the common application and sip form. It is not treated as third party if both details matches.
Regards
Valady V Barathwaaj
There is a third party form to be filled by the mother stating her relation and other details and it will be accepted
ReplyDeleteRegards
Uma Srinivasan
9820191041
9322492540
There was a change in the policy of investments of this nature recently i.e a few months ago. I
ReplyDeletetoo am not clear about this. In fact I stopped an investor recently and asked him to wait for a few months to his minor son attain 18 yrs. UTI being the oldest MF and Sundaram the most cautious
one may be able to spend time in explaining you the details .You may contavct any one of the two . { My experience is in Hyderabad branches only}
Srinivasachari
drksrinivasachari@yahoo.co.in
To,
ReplyDeleteMr.Valady ,
I think each AMC will treat differently. when name of account holder in not printed on cheque then some AMC will treat third party transaction, you have to submit third party form alongwith common application & SIP form.
Now it became difficult for grandparents to donate for their grandchildren.only natural parent can invest onbehalf of minor.this rule is unnecessary who should take this matter with AMFI & SEBI. Grandparents should be allowed to invest onbehalf of grandchildern or allowed to donate or to be donor.
chandrashekhar kulkarni.
ARN-15259 .Nashik
third party payment form also required
ReplyDeletevijay ojale
vijayojale@gmail.com
1. This cannot be treated as Third Party payment, since mother signs as a guardian only
ReplyDelete2. If A/c. holder's name is not printed on the cheque leaf, a photo copy of the front page of the Bank passbook showing the A/c.Holder's name and A/c.number together to be produced.
3. Mother should sign the cheque and SIP appln mentioning that "for...(name of minor..)...Mother's signature (mention below)
Mother and guardian.
4. This is the correct procedure and followed by Banks in case of Minor Accounts