How to Change Name in Demat Account?

You need a Demat account to trade or invest in securities in the Indian market. When creating your account, you must provide key details like your legal name, address, ID, income proof, etc.

However, you might need to request a change name in demat account for various reasons. These reasons include a name change due to marriage or divorce, a change in your father’s name, etc.

Read this blog and discover how to update your name on your Demat account and what documents you need.

When Do You Need to Change the Name on Your Demat Account?

Your legal name is crucial information on your Demat account, and updating your name after a change ensures that your securities, investment record, ledger balance, and more remain consistent and unchanged.

Changes in your legal name might happen after marriage or divorce, a change in the father’s name or any other reason. You must inform and update your new name so that all market transactions execute seamlessly. As an investor, you can do it online or offline.

The Process to Change Your Name in Your Demat Account

1. Step 1: Most brokerage service providers or other DPs have a dedicated website for investor satisfaction. Go to your DP’s website with which you have a Demat account.
2. Step 2: Navigate to the “Download” or “Forms” section on the website and download the form for name change or account modification.
3. Step 3: Carefully fill out the required details, like your old name and your new name and the reason for the change (if asked), and double-check them.
4. Step 4: You must produce proof of your name change, like an attested copy of your ID and address proof with your new name.
5. Step 5: You can submit the Form on the same website, or you can take a printout of the Form and submit it to their office.
6. Step 6: After submitting the Form, your DP will verify your documents and other information for a name change and process it within a few days.

Necessary Documents to Change Name in Demat Account

1. Changing Name due to Marriage or Divorce

In case of marriage or divorce, knowing the specific documents for a Demat account name change is important:

• After marriage or a divorce, it is mandatory to produce a notarised marriage or divorce certificate copy.
• Depending on your DP, you might need to produce a notarised copy of the official announcement of your name change that was published in the gazetted document.
• You should keep your passport or any other valid ID proof handy, displaying the husband’s or father’s name.

2. Changing Name due to Some Other Reason

Apart from marriage or divorce, if you have changed your legal name, you must update it. Take a look at the documents you need for the update:

• Submit a copy of the notary containing your name change announcement in an official gazette.
• You may need to submit your PAN and Aadhaar Card, highlighting your new name.
• Remember to attest to all the documents you provide before submitting, and contact your DP if required.

3. Changing Name due to a Change in the Name of the Father

If there is a change in your father’s legal name, you must update your Demat records and produce the following document:

• Submit the notarised copy highlighting the name change announcement in an official gazette.
• It is wise to contact your DP if there is any additional document required due to the name change.

Other Important Documents for a Name Change

To successfully change name in demat account, created with your DP, you should be aware of these additional documents:

• Bank Details: Your DP might ask for bank details. Provide the correct MICR and IFSC code of your linked bank. In addition, provide a copy of any of the following documents: bank statement, a cancelled cheque, transaction details of the last 3 months, etc.
• Demat Account Details: You also need to provide a few details of your Demat account. Therefore, prepare a copy of the DP Client master and attest it from your DP. You can also submit a holding or the latest transaction statement copy of your account.

Where to Submit the Documents?

When you prepare and attest all the relevant documents to change name in demat account, depending on your DP, you might need to send them to the DP’s office offline. Your DP also might allow you to upload them via their official online portal.

The document submission mode varies between DPs, and you can contact them to know their specific mode of document submission.

Upon the verification and name change, you can see your new name reflected in your Demat account, but your trading and Demat ID will remain the same.

Final Words

Learning the process to change name in a Demat account is easy if you have the right documents. Updating your name ensures smooth transactions and avoids any future complications.

FAQs

1. How to change my name in a trading account?

Most brokers provide you with a trading account when opening a Demat account. Hence, when you update your Demat account, your name is updated in your trading account. Obtain an account modification form from your DP, fill it out and attach attested documents with your new name.

2. How long does it take to reflect my new name on the Demat account?

There is no specific timeline to reflect the new name after a name change application. It varies between the DPs. However, it takes around 3 to 10 days on average if you provide details correctly.

3. How do I check my Demat account in my name?

Most brokers or DPs have their dedicated application or website to trade or invest from. Simply log in to the app or website and head to the profile section. You will see your Demat account number or BOID, name and other details there.