Last Updated on October 6, 2023 by BFSLTeam BFSLTeam
Table of Content
Introduction
A demat account, often referred to simply as a ‘demat account,’ is a repository for digital representations of securities traded on the stock market, including commodities, ETFs, and more. It is an indispensable tool for trading in the Indian stock market. In India, two primary depositories oversee these demat accounts: the National Securities Depository Limited (NSDL) and the Central Depository Services Limited (CDSL).
Opening a demat account entails relatively few eligibility criteria, but awareness of them is crucial. Anyone, regardless of age, can establish a demat account. In the case of minors (those under 18), their parents or legal guardians can open a demat account on their behalf. To verify your identity, you must provide specific KYC (Know Your Customer) documents, including proof of identity, proof of income, and proof of address. Your chosen brokerage firm will meticulously examine these documents during the account opening process. Following successful verification, you will receive a client ID, which you will use for all your stock market transactions.
How To Change Name In Demat Account Online
However, there may come a time when you need or desire to change the name on your demat account. This could be due to official and permanent name changes, marriage, a change in your father’s name, adopting a different last name or middle name, or other reasons. In such cases, it is imperative to inform your brokerage firm of the name change.
Updating your brokerage firm with the latest information regarding your name, address, and income ensures that your stock market transactions proceed smoothly and without complications. Fortunately, both online and offline procedures for changing the name on your demat account are straightforward and hassle-free.
Additional Read: How To Sell Shares
Procedure To Change Name In Demat Account
- Obtain the Account Modification Form:
Your brokerage firm should have an account modification form available for download on their website. Once you have downloaded the form, carefully review the terms and conditions, and proceed to sign it.
- Signature by the Account Holder:
The account holder, i.e the person wishing to change the name must sign the form.
- Submission of KYC Documents:
Alongside the signed form, you will be required to submit your KYC documents. These typically include a self-attested copy of your PAN card. However, your brokerage firm may request additional documents depending on the reason for the name change:
A. If the name change is due to marriage or divorce:
- A notarized copy of your divorce certificate or marriage certificate will be necessary.
- You may also need to provide a scanned copy of a passport displaying your husband’s or father’s name.
- In some cases, a notarized copy of the name change published in the official gazette may be required.
B. If the name change is for reasons unrelated to marriage or divorce:
- You will typically need to provide a notarized copy of the name change as published in the official gazette.
C. If the name change is related to your father’s name being officially changed:
- A notarized copy of the name change as published in the official gazette will be necessary.
With the duly signed form, a self-attested copy of your PAN card, and the required documents, you can request a name change for your demat account from your brokerage firm. Your submitted form and documents will undergo scrutiny, and you will receive confirmation that your request for an official account name change has been approved. It’s important to note that your trading ID or client ID number will remain the same; the only change will be the name associated with it.
Should you find the process less streamlined or have any questions or concerns, don’t hesitate to contact your brokerage firm’s customer service. They can provide assistance, answer your queries, and offer guidance to ensure a smooth transition during the name change process for your demat account.
Summarising
Now when you are familiar with how to change name in demat account, you know it is a simple process that requires you to follow some steps and submit some documents. You need to fill an application form, attach a self-attested copy of your proof of identity and proof of name change, and submit it to your depository participant. You also need to pay a nominal fee for the name change service. Once your application is verified and approved, your name will be updated in your demat account and you will receive a confirmation letter from your depository. Changing your name in demat account is important to avoid any discrepancies or issues in your transactions and holdings. It will also help you to maintain consistency and accuracy in your financial records.
