You, as a guardian, can now open your child’s Demat account with us, which is entirely online and paperless, provided you have a Demat account in Fyers.
The procedure to do so is as below:
Log in to the My Account Portal and go to the ‘Manage Account’ option; you’ll have an option of ‘Open Minor Account.’ Click on the ‘Open Account’ to initiate the process of minor account opening as displayed in the image below:
You’re required to upload the PAN of your child and enter the relevant details such as Gender, Mother’s name, etc. and Click on ‘Continue.’
9. Upon completing the E-Signing process, your child’s account will be opened in 24-48 hours provided the details are acurate.
Points to be remembered:
The communication details such as the mobile number and email address will be of the guardian.
The minor cannot buy shares/mutual funds in this account. However, a minor can sell the shares and mutual funds received via Gift or IPO.
As per the SEBI guidelines, a minor cannot nominate anyone.