Financial Awareness Level
How to Change Your Name in a Demat Account?
A Demat account is a crucial component for trading and investing in the stock market. However, if there is a name change due to marriage, legal reasons, or spelling errors, it is important to update the name in the Demat account to avoid discrepancies. This article explains the procedure, required documents, and key considerations for changing your name in a Demat account.
Can I Change My Name in a Demat Account?
Yes, account holders can update their name in a Demat account by following the prescribed procedure set by their Depository Participant (DP) and depositories like NSDL or CDSL.
Procedure to Change Name in a Demat Account
Step 1: Submit a Written Request
- Write a formal application to your Depository Participant (DP) requesting a name change in your Demat account.
- Mention your Demat account number, old name, and new name.
Step 2: Attach Supporting Documents
The following documents are required based on the reason for the name change:
| Reason for Name Change | Required Documents |
|---|---|
| Marriage |
|
| Legal Name Change |
|
| Spelling Correction |
|
Step 3: Submit Identity Proof and KYC Documents
- Provide a self-attested PAN card copy (mandatory for stock market transactions).
- Submit an updated Aadhaar card/passport/voter ID with the correct name.
- Ensure your KYC details match the new name.
Step 4: Complete In-Person Verification (IPV)
- Some brokers require IPV to verify the request.
- IPV can be completed physically at the DP office or via video verification.
Step 5: Approval and Confirmation
- Once verified, the DP will process the request.
- The name change update takes 7-15 business days.
- A confirmation is sent to the registered email and mobile number.
How to Change Nominee Name in a Demat Account?
- If you need to update or change the nominee’s name, submit:
- Fill the nomination change form provided by the depository participant.
- Updated identity proof of the nominee.
- Relationship proof (if applicable).
Key Considerations for Name Change in Demat Account
- Ensure the name in the bank account, PAN, and Aadhaar matches the updated name.
- All linked trading accounts will reflect the new name after approval.
- If the name on PAN changes, update it with the income tax department first before applying for a Demat name change.
Conclusion
Changing the name in a Demat account is a straightforward process if the necessary documents are provided. By following the correct procedure, investors can ensure smooth stock market transactions without discrepancies.
By ensuring your Demat account name is updated, you can prevent transaction delays and maintain consistency in all financial records.
To know more:
What is a Mutual Fund? - Beginner's Guide to Investing
AMFI - Introduction to Mutual Funds
Disclaimer:
The information is for general purposes only and not an investment advice. Readers should seek professional advice before taking any investment related decisions.
FAQ Section
How long does it take to change the name in a Demat account?
It typically takes 7-15 business days after document submission.
Is there a fee for a name change in a Demat account?
Some brokers may charge a processing fee; check with your Depository Participant (DP).
Can I update my name online?
Some brokers allow online requests, but physical document submission is usually required.
Do I need to update my PAN before changing my name in a Demat account?
Yes, your PAN should reflect the new name before applying for a name change.
What if there is a spelling mistake in my Demat account name?
Submit a correction request with a valid ID proof showing the correct spelling.
Can I change my nominee’s name in the Demat account?
Yes, by submitting a written request along with updated nominee documents.
Will my trading account name also change?
Yes, once updated, all linked trading accounts will reflect the new name.
What happens if I don’t update my name in the Demat account?
Mismatched names can lead to issues in stock trading and fund withdrawals.
Do I need to visit the DP office in person for the name change?
Some brokers require in-person verification (IPV), while others allow online submission.
Can a minor’s name be changed in a Demat account?
Yes, but parental/legal guardian documents are required for verification.
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Disclaimer
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