Legal Question in Business Law in India

Dependent children

Under the regulations of SEBI, we have to notify the equity dealings of dependent children. I would like to know the definition of 'dependent children'. In our case, the child has attained majority last month and I want to gift her some shares. I would not like to bother myself as to what she decides about those shares. She will continue to be in our house only. She does not have any income now, though her grandfather wants to gift her some amount. Thanking you in advance


Asked on 6/30/05, 6:58 pm

2 Answers from Attorneys
Nand Kishore NK Associates

Re: Dependent children

There is no definition of Dependant Children under the SEBI laws. In law, a male is dependant till he attains the age of majority i.e. 18 years. In case of females, after they attain majority and have a source of income. However where a female after attaining majority does not have any source of income, she remains dependant till such time she gets married.

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Answered on 7/01/05, 9:45 pm
Vivek Anand M/S.VIVEK ASSOCIATES

Re: Dependent children

Dependant children is not defined under the SEBI laws. However, the other laws are very clear where it explains that dependant children are those who do not have any source of income, till they attain the age of majority [male] till they get married [females].

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Answered on 7/02/05, 6:10 am


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