Can a minor be a joint holder in a demat account?

A minor cannot be a joint holder in a demat account. While a demat account can be opened in the name of a minor, it must be managed by a parent or legal guardian until the minor reaches the age of 18. This rule is in place because minors are not legally permitted to engage in financial transactions independently, and thus cannot be joint holders with adults in such accounts.

 Minor accounts can only be used to sell holdings, which are transferred to them. Buying securities, intraday trading, and derivative trading is not allowed in a minor’s account. One can invest in mutual funds, however, from a minor’s demat account.

 Once the minor turns 18, the account can be converted from a Minor’s account to a standard demat account, with the individual assuming full control and responsibility for their investments. This process ensures that minors' financial activities are properly supervised and protected until they reach adulthood.

 A joint demat account can only be opened offline. To open a minor trading and demat account with 021, the following documents are required:

1. Proof of Identity (Minor):
   1. Birth certificate or Passport of the minor.
   2. Aadhar card of the minor (if available).
2. Proof of Address (Minor):
   1. Aadhaar card, Passport, or any other government-issued address proof in the name of the minor.
3. Photograph:
   1. Recent passport-sized photograph of the minor.
4. Proof of Identity and Address (Guardian):
   1. Aadhaar card, Passport, Voter ID, or any other government-issued identity and address proof of the guardian.
5. Guardian’s PAN Card:
   1. A copy of the PAN card of the guardian, who will be managing the account on behalf of the minor.
6. Guardian’s Relationship Proof:
   1. A document establishing the relationship between the guardian and the minor, such as a birth certificate of the minor mentioning the guardian's name or a court order if applicable.
7. Bank Account Details:
   1. A cancelled cheque or a copy of the passbook/statement showing the account holder's name and account number. This should be for a bank account in the name of the minor, operated by the guardian.
8. Account Opening Forms Required: Completed KYC forms for both the minor and guardian, along with the duly filled and signed account opening form provided by 021

Ensure that all documents are self-attested by the guardian, and originals are kept handy for verification purposes.