LIC AMC announces addendum for investments made in name of minor
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LIC Mutual Fund Asset Management has informed that, pursuant to SEBI Circular No. SEBI/HO/IMD/PODII/CIR/P/2023/0069 dated May 12, 2023, following process/change shall be applicable with respect to Investments made in the name of a minor through a guardian with effect from June 15, 2023: Payment for investment by any mode shall be accepted from the bank account of the minor, parent or legal guardian of the minor, or from a joint account of the minor with parent or legal guardian. Irrespective of the source of payment for subscription, all redemption /Income Distribution cum Capital Withdrawal proceeds shall be credited only in the verified bank account of the minor (i.e., bank account of the minor or minor’s joint bank account with parent/legal guardian). It has requested to update the minor’s bank account details in the respective folios by submitting the mandatory documents for receiving redemption/ IDCW payout.
This Notice cum addendum shall form an integral part of Scheme Information Document (SID) and Statement of Additional Information (SAI) of schemes of LIC Mutual Fund as amended from time to time. All other contents of the SID and SAI will remain unchanged.
