Why does Axis Bank ASBA show the guardian’s PAN instead of the minor’s PAN?

This happens because:

• Axis Bank often maps the guardian’s PAN as the primary PAN for minor bank accounts
• During ASBA IPO application, the system pulls the guardian’s PAN
• This causes PAN mismatch with the minor’s Demat account

Workarounds:

• Ask the bank to update the minor PAN as primary (often denied)
• Use a UPI-based IPO application

Apply using the guardian’s bank account on behalf of the minor