Is it mandatory to have a Major Coparcener to open HUF's Demat Account?

Zerodha
1

I just submitted application forms to open HUF’s account at Zerodha.

I was told that a major coparcener is required to open HUF’s account.

If I am not wrong, a HUF is formed as soon as the person gets married.
Whether to have children or not is their personal choice. They may not have given a financial identity to the HUF by getting a PAN card but HUF still remains.

I was able to get PAN Card w/o Coparceners, I was able to open Bank Account and Invest in Mutual Funds via physical application at AMC’s office and also get PAN KYC Registered.

Then why such a requirement when opening a Demat account?

This is the case with all Brokers or Zerodha only?

2

Hi @nithin,

If I am not wrong, an HUF is formed as soon as a couple finishes their 7 feras in the sakshi of agni irrespective of whether they give it a financial identity or not is a different thing. Also, whether to have a child or not is a personal choice and it has nothing to do with HUF as an entity. But I got to know from Zerodha staff that HUF account must have a Major Coparcener.

Why is that?

That is not a requirement for getting HUF PAN Card, Opening Bank Account or Investing in Mutual Funds physically.

Will appreciate if you can shed some light on this.

Thanks!

3

Hey @ashitvora,

It isn’t mandatory to have a major Coparcener to open a HUF Demat account. You can open a HUF account with Zerodha, even with a minor coparcener.

Seems like there was a miscommunication on our part. Could you please DM me the ticket no. or your registered phone no. on your HUF demat application.

4

@Kshiteesh_Saralaya i have a personal a/c in zerodha. Now, if I open a HUF a/c in zerodha and if I am the Karta of it. Do I need to open a new HUF trading a/c in zerodha ?