AMFI has introduced uniform policy for conversion of minor to major accounts
Jul 27 2020
News Category: Industry Update
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According to media reports, AMFI has introduced uniform policy for conversion of minor to major accounts. Accordingly, fund houses are no longer allowed to accept fresh money or honour redemption once the minor turns major till his/her KYC is complete. Till date, the mutual fund industry did not have a uniform policy to deal with minor to major accounts. Hence, a few AMCs were allowing transactions or accept fresh money even after the minor turns major.

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