As an investor you may have sought to change your name in the investment account for various legitimate reasons, but simply put the decision to another day avoiding the rigmarole. We recognise that the cumbersome procedures and paperwork involved, may have refrained you to put your investments in order; but don’t worry here’s in fact some good news for you.

Recently, the capital market regulator - the Securities and Exchange Board of India (SEBI) relaxed the procedures to be followed by investors while changing names in "individual accounts" (vide a circular). Thus now all one needs to do is furnish relevant document(s) showing the publication of name change in official gazette. So say if there is a change in name after marriage, according to the capital market regulator, all that an individual investor needs to do is, simply submit either a copy of marriage certificate or passport showing husband's name or any other document showing the publication of name change in official gazette.

Likewise for cases where there’s a change in name of an individual for reasons other than marriage, evidence revealing the change in name in the official gazette needs to be furnished. The same would apply for cases related to change in father's name.

According to SEBI, this move is intended to simplify the "procedure of change of name in individual Beneficial Owner's (BO) account", and has therefore directed depositories to implement these provisions within three months. In order to put this in effect, SEBI has asked depositories to amend the relevant Bye-Laws, Business Rules and Operating instructions, as may be applicable or necessary. Also keeping a vigil over change in name, the capital market regulator has asked depositories to keep an audit trail for name change in the BO account, similar to that of address change or any other change of coordinates.

We believe that, the initiative taken by SEBI is in the interest of investors and intended for the development of the capital market, whereby even procedures are simplified. Also the directive is intended to sharpen vigilance for the capital market regulator, by encouraging investors’ to hold accounts in their lawful and legitimate name. In fact by asking depositories to keep an audit trail for name change in the BO account, already depicts extensive vigil of the capital market regulator.

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