A simple procedure to change your name in Demat account

Introduction

Investing is a great choice to make passive income. Many recommend equity, mutual funds, and other financial securities. However, they are risky and could offer a better return. Some choose to invest in FDs and RD from the banks. This type of investment has low returns for a more extended period.

The eligibility criteria are relatively lenient for investors wishing to open a Demat account in India. There is, for instance, no minimum age limit for those wishing to trade. In addition, KYC only requires you to provide proof of your identity, address, and income to open your Demat account. After submitting these details, your brokerage firm will verify the details, and your Demat account will get created.

You may be knowing that in India, there are two major depositories that maintain and hold Demat accounts: the National Securities Depository Limited (NSDL) and the Central Depository Services Limited (CSDL). 

To enter into the stock market, you require a Demat account. In addition, a Demat account will help you manage all your financial assets. 

You can also make changes such as your name and address. Furthermore, Demat accounts provide quite a bit of flexibility to the trader. They are customizable according to your needs. For example, changes to the name of the Demat account are relatively common. However, changes in a person's name on their Demat account may be necessary for several reasons, such as marrying their partner and taking their spouse's last name or changing their official name. You may now wonder how to change the name in a Demat account, so here is a step by step guide to change your name in a Demat account.

Changing Name in a Demat Account

A Demat account is easy to operate and offers quite a lot of flexibility to the investor. For example, if you want to make changes to the name in a Demat account, you must do the following things. 

1. You must submit a notarized copy of either marriage certificate in marriage.
2. In the case of divorce, you need to submit the divorce certificate.
3. You also need to submit a scanned copy of your passport, displaying either your husband's or your father’s name.
4. Or you can also submit a notarized copy of your official name change announcement, such as a gazette.

Several reasons might want to make changes to the name in a Demat account. For example, one could change their official name or last name or other personal reasons for changing their name. Both methods are available to customize your Demat account details. For any queries, you must take your stock broker's advice and ask for the process to make changes to the name in a Demat account and other details.

Procedure to Change the Name in a Demat Account in Case of Marriage or Divorce

To change your name in the case of marriage or divorce, you need to follow the process to make changes to the name in a Demat account.

• First, obtain a form for a name change from your stockbroker or brokerage firm.
• Fill in all the details required and sign the form.
• Then, submit or email your form to your broker.
• Attach a notarized copy of the name change announcement, as carried in the official gazette.
• And also, share self-attested copies of your KYC documents, such as your PAN card and Aadhaar card.
• Wait for confirmation of your name change.
• Check the details of your Demat account.

It is essential to know that the client ID issued to you when opening the Demat account will not change, but the name issued to the account will. Therefore, if you submit all of these documents, along with the self-attested PAN card and name change form, your brokerage firm will be able to process the name change. And for any queries regarding how to correct the name in the Demat account, you can contact your brokerage firm customer service or mail them your issue.

Where Should You Send the Documents?

Now you need to send your form along with your official documents. With a self-attested copy of your PAN card and all other essential documents, you are ready to request a name change from your brokerage firm. You need to send this information to concerned parties that are depository participants. You can send your document to the head office of your stockbroker or submit it online on the official email id of your stock firm. You will receive a ticket regarding the status of the change in your Demat account. You will also get a frequent update on the name changing in a Demat account.

Conclusion

Whether you are an investor or a daily trader, a Demat account is handy. Name or any other detail you want to change in your Demat account can get done smoothly. The whole process of trading has become hassle-free through Demat accounts. A trusted and customer-friendly brokerage firm is the best choice to open a Demat account. Depending upon the broker for change of any detail on your Demat account will require a minimum charge; you must check for the charge and opt for the changes in your Demat account.