Mutual fund investments can be made in the name of minors, or those who have not attained the age of 18 at the time of making the investment and, therefore, cannot maintain the account on their own. These accounts are opened as “on behalf of account” with a guardian operating it on behalf of the minor. Guardians are either the natural guardian—mother, father or a court appointed guardian.
The application must be accompanied by documents as evidence of the date of birth of the minor and those to establish the relationship of the guardian with the minor. These documents include the birth certificate, school leaving certificate, passport and others. The court orders have to be provided in case of a court-appointed guardian.