Mutual Fund: SEBI's new rule is being implemented from June 15
Mutual Fund New Rule: Now SEBI has simplified the process for those investing in mutual funds in the name of minors. The new rule will be applicable from 15 June 2023
Mutual Fund New Rule: Payment for investment in mutual funds through any means - bank account of the minor, parent of the minor or
Mutual Fund New Rule: Will be accepted from the joint account of the minor's parents or legal guardian.
Mutual Fund New Rule: That is, for this, parents or legal guardians will no longer need to open joint accounts or bank accounts of minor children while investing in mutual funds for minors.
Mutual Fund New Rule: For existing mutual fund portfolios, AMCs will have to insist on a change in pay-out bank mandate before the redemption process.
Mutual Fund New Rule: SEBI said that even if the investment is made from any bank account, the return earned during redemption will be deposited only in the verified bank account of the minor.
Mutual Fund New Rule: Which he can keep with the parent or legal guardian.
Mutual Fund New Rule: Till now, SEBI had allowed payment for investment only from the minor's bank account or the minor's joint account with the guardian.
Mutual Fund New Rule: Parents or legal guardians can invest in mutual fund schemes for their children from their own bank accounts from June 15