Thursday, March 19, 2009

Can minors invest in Mutual Funds?

Can minors invest in Mutual Funds?

Can minors can invest in a mutual fund? My son's maternal grandfather wants to give him a sizeable sum of money. He is a minor. I would like to invest it in an equity-based mutual fund for over 10 years. And I want to be the guardian for future transactions on behalf of my son.

- Sudhindra

Yes, minors can invest in a mutual fund, but only through a guardian. An adult, being a parent or a lawful guardian of the minor, can hold units of a mutual fund and deal with them on behalf of the minor. You need to furnish the asset management company (AMC) with a proof of age of your son and your capacity to hold and deal with the units.

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