Buying/selling shares in the name of MINOR

[Indinomics]

Hi!

 

I need to know the exact rules & regulations for buying & selling shares in the name of Minor. My broker has allowed me to opened a trading account along with a depository account in the name of minor. Once I bought the share, first he told me that I can’t buy in the name of Minor. When I asked for rules & regulation, they told me that I can buy but cant sale till the minor become major without giving appropriate ruling.

 

Thus, please help me with proper rules governing the buying & selling of shares in the name of minor. I want to buy in cash segment only, and generally it’s all for long term to build a portfolio in their name.

 

Also, needs to know whether occasionally trading (again delivery base, but short term) is allowed in the name of minor or not?

 

Kindly assist & oblige,

 

Reg,

 

Mani