CHANGE OF
NAME IN THE DEMAT ACCOUNT
Recently,
SEBI has issued a circular No. CIR/MRD/DP/27/2012 dated 01.11.2012 regarding
to enable the, demat account holder, those having their account with NSDL and
CDSL, can change his name in respect of his demat account.
This
circular is being issued in exercise of powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 read with Section 19 of
the Depositories Act, 1996 in the interests of investors in securities and to
promote the development of, and to regulate the securities market.
Before issue of the circular
Before issue
of the above circular, demat account holder is unable to change his name in
respect of his demat account. Even, in case he wishes to change his name, first
he should close his demat account and open a fresh demat account in his new
name.
After issue of the circular
After issue
of the above circular, the demat account holder can change his name in respect
of his existing demat account. No needs to close the existing demat account and
no need of open a new demat account.
Documents to be required to change the name
For the
purpose of changing name, in respect of demat account; following documents
should be presented along with the prescribed application:
1.
In case of change in name
on account of marriage
i.
Copy of Marriage Certificate or
ii.
Copy of Passport showing husband’s name or
iii.
Copy of publication of name change in official gazette
2.
In case of change in name on account of reasons other than
marriage
i.
Copy of Publication of name change in official gazette.
If, an
account holder wishes to change his father name, then he should submit copy of
Publication of name change in official gazette.
The above
documents shall be present, in the form of self-attested by the account holder
along with the prescribed application. He should show original documents for
verification at the time of submit the application for change of his name.
Duty of the Depositary Participants [DPs]
The
Depository Participants (DPs) shall collect the self-attested copies of above
documents and maintain the same in their records after verifying with the
original document.
Duty of the Depositaries
Presently, in India only two depositories
are providing the demat accounts to the publics. They are National Securities
and Depositories of India [NSDL] and Central Depositories Services of India
[CDSL].
For the purpose of implement the
above circular, SEBI has directed the depositories -
1. To implement
the above provisions within three months from the date of issue of above
circular.
2. To ensure
that they will have the system to keep audit trail of the name change in the
Beneficiary Owner [BO] account similar to that of address change or any other
change of coordinates.
3. To make
amendments to the relevant Bye-Laws, Business Rules and DP Operating
Instructions for the implementation of the above decision, as may be applicable
or necessary
4. To bring the
provisions of above circular to the notice of the DPs and also to disseminate
the same on their website
Fee
As of now,
SEBI has not prescribed any fee for change of name.
To whom it beneficial
It is more
beneficial to married women especially those are open a demat account before
marriage and subsequently after marriage wants to change or modify her name in
the records of Depositories.
Rarely, it
helps to others also, if they require to change or modify their name or surname.
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