Prostocks Minor Trading & Demat Account Opening Process, charges, documents

Children under the age of 18 are referred to as minors. Minors can open both trading and demat account with Prostocks. Minor accounts are managed by a guardian, i.e. father or mother, or in the absence of both parents, a legal guardian is appointed by the court. The guardian has the legal authority to open, manage, and close the minor’s demat and trading account.

Read on to find out more about how to open a Prostocks account for minors, account opening, and AMC charges, the documents required and the trading segments available for minors.

How does a minor account work in ProStocks?

Parents who already have a Prostocks account can open an account with Prostocks for their minor child. At Prostocks, minors can open both demat and trading accounts.

Minors can only carry out delivery-based transactions (investments in shares). However, minors cannot buy shares themselves, but the legal guardians buy shares on behalf of the minor child through the ProStocks trading platform.

Intraday shares (MIS) and trading in the F&O segment (equity, commodities, and currencies) are not available on the minors trading account.

ProStocks Minor Account Opening Process

Prostocks minor account opening process is paperless to a large extent. As parents can fill Minor’s account opening form online. Post-filling, parents can download the duly filled form, affix signature, and courier it to the ProStocks Mumbai office.

1. Visit ProStocks website and go to the Digital KYC link.
2. Sign up: Enter minor’s name and email ID and mobile number of Guardian to register.
3. Fill in all the required details of the minor child.
4. Upload all the documents of the minor as well as the parent or guardian.
5. Download the PDF file now.
6. ProStocks team will check all the documents and send a mail with signing instructions.
7. Now, parent should take a printout of all the pages.
8. Sign at the marked places and attach self-attested copies of all the documents.
9. Send the duly filled form along with documents and a cheque of Rs 1000 to the Prostocks office.

Note: Prostocks offers free account opening (Rs 300 waived off as a promotion offer).

Documents required to open Prostocks minor account

Both the minor and the parent of the minor child need to submit several documents to open minors demat account with ProStocks. Here is the list;

• Minor’s photograph
• Minor’s PAN card
• Minor’s Aadhaar card
• Minor’s bank account proof: cancelled cheque, bank statement, etc.
• Age proof: Birth certificate or Aadhaar card with full date of birth

All documents of the minor must be signed by the guardian on behalf of the minor. In addition, the parents must provide the following documents;

• Self-certified copy of Aadhar card
• Self-certified copy of PAN card
• Photograph
• Email ID and mobile number

ProStocks Minor Account Trading Segments

Minor can purchase equity shares, ETFs, mutual funds, and apply for IPOs but they cannot do buy and sell in intraday and F&O segments.

ProStocks Minor to Major Account Conversion

When the minor turns major and reaches the age of 18, the minor's account becomes invalid and must be converted into a major account. To do this, the minor must fill out an online application form and a modification form. You can sign the form electronically (E-sign) through OTP sent to your mobile number and email ID and courier the duly filled form to the ProStocks office in Mumbai.

Alternatively, you can also take a print out of the application form, sign it and send it by courier to the Mumbai office. Once the form is submitted, the minor account will be converted to a major account within a day.