Capital market regulator SEBI (Securities and Exchange Board of India) on 1 November relaxed the procedures to be followed by investors while changing names in individual accounts.
In case there is change of name after marriage, the individual investor can submit either a copy of marriage certificate or passport showing husband’s name or document showing the publication of name change in official gazette, the regulator said.
In case of instances where an investor’s name gets changed for reasons other than marriage, proof showing the publication of name change in official gazette has to be submitted by the investor. The same would apply for cases related to change in father’s name.
According to SEBI, the move would help in simplifying the “procedure of change of name in individual Beneficial Owner's (BO) account”. 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, the SEBI circular said.
The depositories are directed to implement the above provisions in three months. Further, depositories should have the system to keep audit trail of the name change in the BO account similar to that of address change or any other change of coordinates.
Sebi has also asked depositories 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”.
According to the regulator, the circular is being issued in the interests of investors in securities and to promote the development of securities market.