Indian share market and mutual fund regulator SEBI on recently relaxed the procedures to be followed by investors while changing names in individual accounts.
Change of Name After Marriage..!
Easing the procedures, SEBI told 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 on recently, SEBI has directed depositories to implement these provisions within 3 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 & DP Operating instructions for the implementation of the above decision, as may be applicable or necessary".
According to the regulator SEBI , the circular is being issued in the interests of investors in securities & to promote the development of securities market.
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