Changing the name in your Demat account is a straightforward process. To initiate this, you'll need to obtain an account modification form from your brokerage firm's website. This form is essential for updating your Demat account name. Take the time to read over and comprehend the form's terms and conditions after downloading it. You then have to sign the document. The person seeking to alter their name, or the account holder, is the one who needs to sign the document.
The amendment form must be signed, and you also need to provide your KYC (Know Your Customer) documentation. Usually, a copy of your PAN card with self-attestation is included. To finish the procedure, your brokerage business could demand further documentation, depending on their particular criteria.
A Demat account, or dematerialised account, is an electronic account that stores electronic versions of securities like equities, bonds, mutual funds, and government securities. In India, if you intend on investing in the stock market, you must have a Demat account. With the increasing interest to invest in stocks and other assets, we see the number of Demat accounts consistently rising, often facilitated through a demat app. In this article, we will answer a technical query concerning Demat accounts: how to change your name in your Demat account?
Step-by-Step Guide to Change the Name in Demat Account
Investors might have to change their name in their Demat account for a number of reasons, such as marriage, divorce, or a change in their legal name. Although changing the name attached to a Demat account can appear difficult, it is a simple procedure that can be completed with the proper paperwork and instructions; refer to the following steps on how to change your name in your Demat account.
Step 1: Collecting the Required Documents
The first step in the procedure of changing your name in your Demat account is to gather the required paperwork.
The following documentation is required:
- A copy of your PAN card bearing your new name
- A copy of your Aadhaar card bearing your new name
- Depending on the reason for the name change, a copy of your marriage certificate.
Step 2: Informing the Depository Participant (DP)
The Depository Participant (DP) with whom you have a Demat account must be informed in the next phase. The DP is in charge of managing the investor's Demat account because they are a registered third party between the investor and the depository.
You can email your DP or go to their office to let them know your name has changed. You'll need to send them a written request for the name change, along with the required paperwork.
Step 3: Verification of Documents
Following your submission of the request and all required paperwork, the DP will examine your submitted paperwork. For the purpose of verification, they could require you to provide more supporting documentation or information.
Step 4: Updating the Name
Your name will be updated in the Demat account by the DP when the documents have been verified. A confirmation of the name change will be sent to you through post or email. It is crucial to remember that the Demat account name change may require some time, and you might not be able to buy or sell stocks at that time. It is wise to make necessary preparations and hold off on starting any transactions before the name change is finished.
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Changing Name in Case of Marriage or Divorce
- A notarized copy of your marriage certificate or divorce decree is needed.
- Provide a scanned copy of your passport indicating your husband's or father's name.
- Include a notarized copy of the official gazette publication confirming your name change.
If your Name is Changed for Some Other Reason
In other cases, you need to submit a certified copy of the official gazette containing your new name. After that, you need to submit a notarized copy of the announcement of the name change, which is the original gazette. Lastly, you may also be required to submit a self-attested PAN card and a change of name form to your brokerage company.
You can also reach your stock broker and clear your doubts regarding the change of your name in your Demat account.
In conclusion, changing your name in your Demat account is a straightforward procedure that can be finished with the proper paperwork and instructions. Your DP should be made aware of the name change and given the relevant paperwork for verification purposes. You can resume trading or selling stocks after the DP updates your name in the Demat account following the completion of the document verification process.
Frequently Asked Questions
Yes, you must submit a copy of your divorce order together with the other required documents listed in the article if you changed your name as a result of your divorce.
No, you must have a PAN card in order to opt for a name change in your demat account. To finish the procedure, you must have a PAN card with your new name on it.
You can make several name changes in your demat account, yes. Having said that, you will need to present proof for each name change. Depending on the cause for the name change, you might also need to submit additional documents.
The majority of Depository Participants let you file your name change request online. To submit the required paperwork for verification, you might need to go to their office.
Depending on the Depository Participant, different amounts of time may be required to alter the name in your demat account. The name change usually takes 7–10 business days to appear in your demat account.
No, even after the name change, your demat account number won't change. In the account, only your name will be changed.