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Investing in Mutual Funds for Kids: SEBI has issued a new rule regarding mutual fund schemes. Under this rule, parents can now invest in mutual funds (investment in mutual funds for children) in the name of their children. Now parents can easily invest in mutual funds in the name of their children from their own accounts. Please note that there is no need to open a joint account or account for minor children. SEBI has issued a circular in this regard.
This regulation of SEBI will benefit those who invest in mutual fund schemes for the future of their children. The Securities and Exchange Board of India (SEBI) in circular no. (SEBI/HO/IMD/DF3/CIR/P/2019/166) has amended the rules for investment in the name of minors on behalf of guardians.
SEBI’s circular states that investment in mutual fund schemes in the name of minors can be made from minor, parent, guardian and joint bank accounts. Also, the market regulator has said that on withdrawing the money invested in the mutual fund scheme in the name of the minor, the money will be deposited in the verified bank account of the minor only.
The date for implementation of the changed rule has also been fixed by SEBI. This new rule will come into effect from 15 June 2023. SEBI has advised all AMCs to make necessary changes to facilitate investment and withdrawal of mutual funds as per the new norms.
