My child has recently become a major. Could you please advise if any changes are needed for his investments??

Things to be done by the customer before contacting us for the conversion :

1. Apply for a PAN card, once the Minor turns Major

2. Upgrade for a Savings bank account in the bank as the Minor turns into a Major

The Minor to Major conversion process involves three steps:

1. KYC registration of Major/account creation with Scripbox

2. Updation of new PAN and bank account details in the existing folios.

3. Transfer of folios from the Minor’s account to the Major’s account with Scripbox 

KYC registration of Major/account creation with Scripbox 

The Major’s KYC needs to be registered and validated. You are required to create a new Scripbox account by adding the major as a family member in your Scripbox account and the complete the sign up.

                    Steps to add yourself as a family member

Once the sign up is completed, it takes 2 hours for the account to be activated. 

 For updating the new details in the minor’s investments (12-15 working days) (Scanned Copies):

1. A copy of your child’s PAN with their signature on it.

2. New Bank Proof - A cancelled cheque leaf with the account holder's name printed on it OR a bank statement with recent transaction details, along with bank seal and signature, bank employee’s name, and code.

3. The request letter to AMC is to update your child’s old folios having minor status with major status. The letter must be signed by the guardian and the new account holder. The letter is attached. (FATCA and CRS information, Nomination details should be filled by account holder(name), 

4. Old Bank Proof - A cancelled cheque with the name printed and the guardian details or a bank statement mentioning the account holder's name and guardian details and transaction details, along with banker attestation, i.e., seal and signature of the bank employee with name, designation, and code of the employee for the bank ending with this last 4 digits XXXXXXXXX

5. Signature Verification Letter (attached in the mail) We request you print this form with the banker's letterhead format and attested by the banker with the employee name, employee ID, & designation

6. Cams & Karvy FATCA form (Attached) (To be filled and signed by a Major)

7. Signed Nominee updation form (Attached) (Do not fill in any folio details in the form) 

  Movement of folios (1 working day):

Once the major’s account is active, we will move the folios from the major’s account to the minor’s account.

If we need any additional documents, we shall let you know accordingly. The change of minor to major usually takes 4 weeks from the time we have received the complete set of documents.