For a minor’s mutual fund investment account, the designated guardian can typically be either the father, the mother, or a court-appointed legal guardian. In practice, the mutual fund folio is opened in the name of the minor, with the guardian named to operate the account on the minor’s behalf until the child attains majority. A person other than the parents can act as guardian only where they have been formally appointed as the legal guardian by a competent court. A court-appointed legal guardian is generally someone who has obtained a formal guardianship order from the appropriate court under the applicable legal process. In practical terms, this means the person must apply through the court, demonstrate the basis on which they are seeking guardianship, and receive a valid court order appointing them as the minor’s legal guardian. For investment account opening, the mutual fund will typically require this court order as documentary proof before accepting such a person as the designated guardian. As a related point, income arising from a minor’s investments is generally not taxed separately in the child’s hands in the ordinary course. It is typically clubbed with the income of the parent whose total income is higher, subject to the applicable tax rules and exceptions.