SEBI allowed Change of Name in the Beneficial Owner (BO) Account

SEBI allowed Change of Name in the Beneficial Owner (BO) Account

SEBT CIRCULAR
CIR/MRD/DP/ 27 /2012          November 01, 2012
To,
The Depositories,
Dear Sir / Madam,
Sub: Change of Name in the Beneficial Owner (BO) Account
1. In order  to  simplify the procedure of change of name in individual Beneficial
Owner’s (BO) account, it has been decided that an individual BO may be allowed
to change his/ her name, subject to the submission of following documents at the
time of change of name of the individual in the BO account.
i. In case of change in name on account of marriage following documents shall
be submitted:
a. Marriage Certificate or copy of  Passport showing husband’s name or
publication of name change in official gazette.
ii. In case of change in name on account of reasons other than marriage
a. Publication of name change in official gazette.
iii. In case of change in father’s name
a. Publication of name change in official gazette.
2. The Depository Participants (DPs) shall collect the self attested copies of above
documents and maintain the same in their records after verifying with the original
document.
3. The Depositories are directed to
i. implement the above provisions within three months from the date of issue of this circular.
ii. ensure that they will 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;
iii. 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;
iv. bring the provisions of this circular to the notice of the DPs and also to
disseminate the same on their website.
4. This circular is being issued in exercise of powers conferred under Section 11(1)
of the Securities and Exchange Board of India Act, 1992 read with Section 19 of
the Depositories Act, 1996 in the interests of investors in securities