Which banks support IPO - ASBA for minor demat?

[manju_1402]

To my knowledge, Bank account holder name and the PAN holder name should be same for IPO bid to be successful in current norms. (in other words., i think you need to apply IPO only from minor’s bank account, not sure though)

I cannot clarify your question precisely.,.bcoz in my case, i do not have account with AU Bank, i opened account only for my kid (with out guardian’s account). But i can give the picture of the process i am following for applying IPO in my kid’s case.

While opening for my kid bank account in AU Bank…i got two customer IDs. One for me and one for my kid. Internet banking access was given only to my customer ID i.e. Guardians’. I login with the guardian customer ID and made ASBA registration for my kid. And using that same account …i am applying for IPO on behalf of minor.

But for a clear picture and right guidance…@gowtham4 will be the right person for your query.

[gowtham4]

@Mukesh_Pokhriyal

Would it be okay to apply on their behalf through my account

This is the right procedure, you can use your netbanking acc - apply ipo on your name as well as kids name separately.

Which banks support IPO - ASBA for minor demat?

Checked again with my AU Bank RM You need to have a bank acc in AU for guardian first and with that can open zero balance bank accounts for minors. They have 25k, 1L, 25L balance variants, do check on the features to suit your needs. After opening minor bank accounts (minor pan is not asked) , need to manually update the minor pan for respective minor bank acc, with that when applying for minor ipo, minor pan only will populate. Seems to be a technical issue as we need to do once manually aft…

Check the screenshot attached in earlier reply, you can see both applications can be made.

[entice]

@gowtham4 is it true that if the minor demat get an IPO alloted, then that share can’t be sold until he/she is 18?

[Divi221]

You can sell shares ( allotted shared thru IPO)

[manoranjan2050]

U can Transfer share to your account and sell it

[gowtham4]

@entice

minor demat get an IPO alloted, then that share can’t be sold until he/she is 18?

No , you can sell the shares directly from the minor account itself.

[entice]

Thanks Gowtham, that answers my question clearly.

[Pradeep_Shroff]

Hi @ankitdoshi Do we need to call Kotak bank for linking DMAT account of minor ? Or we have to go to branch and request?

[ankitdoshi]

Yes, call your RM or visit branch to get the account linked