How to Change your Name in Demat Account?

A dematerialized account, otherwise known as a ‘demat account’ is a place to keep electronic forms of all your securities traded on the stock market such as commodities, ETFs. You cannot trade on the Indian stock market without having a Demat account . In India, there are two primary depositories who hold your Demat account. These are the National Securities Depository Limited, which is shortened to NSDL, and Central Depository Services Limited, shortened to CDSL. There are minimal eligibility criteria to get started as a trader, but it helps to know what they are.

In short, anyone can open a Demat account as there is no age limit required to open one. If you are a minor (under 18), your parents or legal guardian can always open a dematerialized account in your name. To authorize your identity, you will be required to submit certain KYC (Know Your Customer) documents like proof of identity, proof of income, and proof of address. Your brokerage firm will verify your documents. This completes the process of opening up your Demat account. You will receive a client ID will which can be used for all your stock market transactions.

Now suppose you are in a situation where you wish to change or modify your name in your Demat account. This can happen for many reasons- getting your name changed officially, getting married, your father’s name changing, and taking on someone else’s last name or middle name, among other reasons. It is essential that you update your brokerage with the latest information about your name, address, and income, as this ensures smooth and hassle-free transactions on the stock market. Luckily, changing your name on your Demat account can be done quite easily through an online or offline process. The online method is a much easier process as it can be done from the comfort of your home.

How to change your name in your Demat account?

Your brokerage firm might offer an account modification form which can be downloaded from their website. Once you download this form and go through the terms and conditions you will be asked to sign it. The person who wishes to change the name, that is, the account holder, has to be the one who signs this form. In addition to this signed form, you will be required to present your KYC documents. This includes a self-attested copy of your PAN card. However, there are certain additional documents that may be requested by your brokerage firm. These are as follows:

A. If you wish to change your account name as a result of marriage or divorce:

• A notarized copy of your divorce certificate or your marriage certificate will be mandated.
• A scanned copy of a passport that shows your husband’s or father’s name is also required.
• You may also need to provide a notarized copy of the name change as published in the official gazette.

B. If you wish to change your account name for any other reasons that do not have to do with marriage or divorce:

• You need to provide a notarized copy of the name change as published in the official gazette.

C. If you wish to change your account name because your father’s name has been officially changed:

• You need to provide a notarized copy of the name change as published in the official gazette.

With the form, a self-attested copy of your PAN card, and all these documents, you are ready to request a name-change from your brokerage firm. Send this information to the concerned parties. This can be a depository participant, a head office, an online portal, or any other party, depending on your brokerage. Your form, documents, and PAN car will be carefully looked at, and you should receive a notification that an official account name change has been authorized by your brokerage. Note that your trading ID, otherwise referred by some brokerages as a client ID number, will not change. The only thing that will change is the name on top of your ID.

In case the process is not streamlined enough or raises any questions and concerns for you, you can always reach out to your brokerage’s customer service for any help. You can ask all relevant questions to a customer care provider who will have valuable information about the topic of changing your Demat account name. They can also guide you step by step on how to change your name in case you have any confusion or doubts.