How To Change Your Personal Details in Your Demat Account
Demat accounts are amongst the most important cogs in the machinery of the securities market. You can open a demat account and a trading account online and begin buying and selling securities in the market. Since change is a constant part of life, it is possible that some personal information may change over time, including your name, address, phone number, and email address. It is critical to relay such changes to your stock broker and/ or depository participant so as to have the latest information in your trading and demat account.
Process to change your personal particulars in a demat account
Whether it is a change in your name or correspondence details, you can easily update your open demat account to reflect the latest information. In order to do so, the first step is to visit the trading platform of your stock broker.
On the aforementioned trading platform, you must look for the form to change personal details in a demat account, download the form, and submit the same along with the necessary supporting documents. Let us discuss the different types of documents that are required to substantiate various changes in your personal details.
1. Change in name
There could be a change in your name owing to a variety of reasons, for instance:
2. Change in name due to change in father’s name
If your name has changed as a result of a corresponding change in your father’s name, you can submit the name change form accompanied with a copy of the notarised name change document. How To Change Your Personal Details in Your Demat Account
How To Change Your Personal Details in Your Demat Account
3. change in name post marriage
Should you decide to change your name in the wake of your marriage, the resulting change can be updated in your demat account. You would be required to submit a copy of your marriage certificate and a copy of your passport to complete the name change request form application.
4. Change in name due to requirement of correction
If your name in your demat account is spelled erroneously, you can request a change in the same by submitting the requisite name change form accompanied with a copy of your PAN card. You must, however, ensure that your PAN card has your name spelled the right way.
5. Change in correspondence details
If you wish to change your correspondence details in your demat account,How To Change Your Personal Details in Your Demat Account you can do so by downloading the change in personal details form and filling the new mobile number, email address, or correspondence/ permanent address in said form. How To Change Your Personal Details in Your Demat Account In order to effect a change in address in your demat account, you must submit a copy of a valid address proof, for instance, your Aadhaar card. How To Change Your Personal Details in Your Demat Account
6. Change in bank details
Should you wish to change your bank details in your demat account, you must download and duly fill the change in personal details form from your stock broker’s trading platform. You have to submit the aforementioned form along with a copy of a cancelled cheque (for the new bank account).How To Change Your Personal Details in Your Demat Account Furthermore, you must submit a self-attested copy of a valid proof of identity. How To Change Your Personal Details in Your Demat Account
7. Change in nominee details
If you wish to alter the nominee in your demat account, you have to download a nomination form from your stock broker’s trading platform. After filling the form, you can submit it online. Alternatively, you can update the nomination details for your demat account on the official website of the National Securities Depository Limited (NSDL). In order to do so, you have to quote your DP ID, PAN, and the Client ID for your trading account on the NSDL website.
To sum it up
The process of changing your personal details in a demat account is quite seamless. As long as you have all the required supporting documents ready, you can easily follow the steps mentioned above and update your demat account.