What action to be taken when a minor becomes 18 years of age?

When a minor completes 18 years, it is mandatory to change the demat account status from minor to individual. There are two ways to convert a minor demat account to major account.

1. Close minors demat account and open a new account for major: Minors demat account can be closed and a new demat account can be opened in individual (major) status. All existing investment in shares and mutual funds in the minor account can be transferred to the new demat account.
2. Convert minor’s account to major demat account: Fill out an individual account opening form with major status, enclose required documents i.e., PAN card, address proof, bank proof, etc., and submit it with your broker. Once all the documents are verified, your account status will be changed from minor to major.