SEBI eases norms for changing investor name in accounts
New Delhi: Market regulator SEBI Thursday relaxed the procedures to be followed by investors while changing names in individual accounts.
Easing the procedures, SEBI said 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.
In instances name getting 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.
SEBI said the move would help in simplifying the "procedure of change of name in individual Beneficial Owner's (BO) account".
In its circular today, SEBI has directed depositories to implement these provisions within 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.