HDFC AMC informs about change in provisions of investments under minor’s name
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HDFC Asset Management Company (AMC) has announced addendum to the Scheme Information Document (SID) / Key Information Memorandum (KIM) of Schemes of HDFC Mutual Fund.
Pursuant to SEBI Circular no. SEBI/HO/IMD/POD-II/CIR/P/2023/0069 dated May 12, 2023, HDFC Mutual Fund has informed that the following provisions with respect to investments in the name of minors in SID / KIM shall stand modified with effect from June 15, 2023 (Effective Date): Investments (including through existing SIP registrations) in the name of minors shall be permitted only from bank account of the minor, parent or legal guardian of the minor or from a joint account of the minor with the parent or legal guardian. It has reiterated that the redemption/ Income Distribution cum Capital Withdrawal (IDCW) proceeds for investments held in the name of Minor shall continue to be transferred to the verified bank account of the minor (i.e. of the minor or minor with parent/ legal guardian) only. Therefore, investors must ensure to update the folios with minor’s bank account details as the ‘Pay-out Bank account’ by providing necessary documents before tendering redemption requests / for receiving IDCW distributions.
All other terms & conditions of the SID and KIM of the Schemes shall remain unchanged. This addendum shall form an integral part of the SID and KIM of the Schemes as amended from time to time.
