Children below the age of 18 years in India are considered as a Minor.
Yes, both Demat and Trading account can be opened in the name of a minor child. The account will be operated by a guardian till the minor becomes major. Guardian can be Father or Mother. In absence of both, Father and Mother, the Guardian can be appointed by court.
The Guardian is legally entitled to open, operate and even close the Bank account, Demat account and Trading account in the name of Minor.
Guardian's Trading and Demat Account with ProStocks is mandatory to open Trading and Demat Account of Minor's
Can Apply in IPO , FFO , OFS etc in the Name of Minor using Minor Account.
Can invest in ETF , Shares and Securities through Stock Broker.
Can invest in Mutual Funds.
Any speculative activity like intra-day buy and sell .
Any non delivery trades.
Trading in Futures and Options.
Payment from Bank account other than Bank account of Minor.
Pledge of shares
Photocopy of Aadhar Card
Photocopy of Pancard
Proof of Bank Account like cancelled cheque with name preprinted or copy of Bank statement where Name , Account Number , IFSC Code and address is mentioned and not older than 2 months.
Photograph
Photocopy of Birth Certificate in case Aadhar has year of Birth and not full date. Please note that no other document is allowed except birth certificate or Aadhar with full date of birth and not just year.
Guardian will sign on behalf of Minor at all the places.
All the document will be certified by the Guardian.
Photocopy of Aadhar Card ( self certified)
Photocopy of Pancard ( self certified)
Photograph
Email ID and Mobile Number
KRA of Guardian will also be required ( first page of KYC page ) if Guardian is not KRA and IPV compliant. Please visit www.cvlkra.com go to KYC enquiry option and check status of KRA and IPV of Guardian.
Please login to our Ekyc website once all the above document are ready from the following link https://digitalkyc.prostocks.com/
Step 1 Register using Name of Minor and Email ID & Mobile number of Guardian. Select residential status as Resident.
Step 2 Fill all the information of Minor and not of Guardian.
Step 3 Upload document of Minor as well as Guardian.
Step 4 Generate PDF file
Step 5 ProStocks Team will check the PDF , Post checking you will receive call from email from [email protected] for signing instruction along with KRA of Guardian. You may also send email to [email protected] or call on 022-62 43 43 43 and press5.
Step 6 Instruction for Printing and signing
We do open the account of Minor as well as Guardian of Minor's or those Minors whose Guardians are our existing clients.
To convert Minor Account into Major Account, client need to Fill Online Application Form & Modification Form.
After filling application form client can proceed in two ways.
1. You need to do E-Sign using Aadhaar OTP received on your Mobile number/Email ID linked with Aadhaar. You would also need to courier account Modification Form to ProStocks Mumbai Office. Your account will get activated in one day.
OR
2. Take a printout of your verified application form, sign and courier signed form along with Modification Form to Mumbai office (Do not send courier without ProStocks Support Team confirmation). Your account will get activated in one day.