changing name in D-mat account
Swaroop Godbole
(Querist) 03 November 2009
This query is : Resolved
dear sirs
my friend has d-mat and online trading account with ICICI. she changed her name, followed by her marriage. now she wish to effect her changed name into her dmat a/c. But ICICI denied the same as law prohibits from changing name in dmat account ??
is this so??
kindly guide....
Raj Kumar Makkad
(Expert) 03 November 2009
Change of name proceeding if followed is also admissible in Dmat account. Get the change of name in gazette notification of concerned Govt.
A V Vishal
(Expert) 03 November 2009
I differ on the method suggested by Mr Makkad since the change is for a Demat account and not a Savings Bank a/c or a current a/c. Since a Demat account holds a large no of shares in electronic format of different companies, the change must occur in the company records, merely change in name of an demat account isn't sufficient, what the bank did in denying from changing the name is legally correct.
Kiran Kumar
(Expert) 03 November 2009
i agree with Vishal Ji.
so it is advisable rather than going for immediate change in name either a new account may be opened or to continue with the same name for temporary purposes till the transactions are concluded in the previous account.
adv. rajeev ( rajoo )
(Expert) 04 November 2009
I agree with Vishal and kiran. If she wants to change her name then issue notice to the bank to make necessary correction in the name and after file a suit for declartion and consequential relief of injunction against the bank as party .
A.P.Manoranjan
(Expert) 04 November 2009
i AGREE WITH MR.vISHAL'S OPINION.
Swaroop Godbole
(Querist) 04 November 2009
i am thankful to Mr. A V Vishal, Mr.Kiran Kumar and others. i got that such change in names shall be effected in the company providing d-mat a/c as well as register of members of all the companies at the same point of time...
concluding i will think to open another a/c. or their is any other alternative to effect the change of name in all the destinations by single application/act/ .... way ?
