Legal Question in Banking Law in India

investment by mentally retarded persons

Pls. clarify whether investments can be made by guardian on behalf of mentally retarded persons. If so , what are all the documents required to be submitted


Asked on 8/29/08, 1:50 am

3 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: investment by mentally retarded persons

A guardian is entitled to make investments on behalf of his ward. The documents required would be (a)proof of guardianship and (b) proof of invalidity of the ward.

The Bank concerned may have its own procedure. Please decide about the mode of investment first and then ask that institution about the procedure/documents.

Read more
Answered on 8/29/08, 9:16 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: investment by mentally retarded persons

Yes for benefits of mentally retarded persons only

Read more
Answered on 9/01/08, 2:19 am
J. Radhakrishnan independent Practice

Re: investment by mentally retarded persons

first thing, one should get appointed as guardian of the mentally retarded person by a court having jurisdiction over the place where that m.r.person permanently resides. Then take permission of that court to make investments. The certified copies of those documents have to be produced to the institution where investment is proposed.

Read more
Answered on 8/29/08, 10:29 pm


Related Questions & Answers

More Banking Law questions and answers in India