Tata AMC announces addendum for investments made in name of minor
Tata Asset Management Company (AMC) has announced that addendum to the Scheme Information Document (s) (SIDS) / Key Information Memorandum(s) (KIMS) of Specified Scheme(s) and Statement of Additional Information (SAI) of Tata Mutual Fund.
Tata Asset Management Company has announced addendum for investments made in name of minor through legal guardian, with effective from June 15, 2023 by modifying the existing provision. The AMC will follow uniform process ‘in respect of investments made in the name of a minor through a guardian’ by SEBI vide: circular no SEBI/HO/IMD/DF3/CIR/P/2019/166 dated December 24, 2019 &; circular no. HO/IMD/POD-II/CIR/P/2023/0069 dated May 12, 2023 which states that 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. For existing folios, the AMCs shall insist upon a Change of Pay-out Bank mandate before redemption is processed. Irrespective of the source of payment for subscription, all redemption proceeds shall be credited only in the verified bank account of the minor, the account the minor may hold with the parent/legal guardian after completing all KYC formalities.
All other terms and conditions of the scheme remain unchanged. This addendum forms an integral part of the Scheme Information Document(s)/ Key Information Memorandum(s) of the Scheme(s), as applicable, of the Fund as amended from time to time. More details provided in AMC website.
