AMFI Best Practice Guidelines on account opened on behalf of minor

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AMFI Best Practice Guidelines No. 135/BP/20/10-11 dated February 9, 2011 :
As communicated vide the referred Guidelines, AMFI had constituted a working group for implementation of NISM Recommendations on “Operational Risk Issues in Mutual Fund Investor Service Processes”.The working group has specified a uniform set of guidelines which broadly covers the following areas:


A. Where Accounts are opened “On Behalf of Minor”
B. When “Minor attains Majority”
C. Change of Guardian
D. Nomination facility
E. Transmission
On each of the above area, AMFI vide the said Guidelines has specified the process/procedure to be uniformly followed (effective April 1, 2011) by the AMCs, including the requirements to be sought from the investors and the formats where required.


Request to kindly take note of the contents of the said AMFI Guidelines (copy of which is enclosed herewith) for due compliances and also for suitably apprising the customers of the requirements specified therein; and as may be applicable to them.



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