Change Name In Share Certificate In Chandigarh

Change name in share certificate in Chandigarh if it is incorrect. It is not clear how to change names on share certificates in Chandigarh, what documents are required.

Here we have the answers to all your problems. We will tell you everything you need to know about Change name in share certificate in Chandigarh.

So, here in this article, you will learn about all the essential things required for this purpose. Read the whole article all your doubts will get cleared.

What is share certificate?

Share certificate refers to two things:

It is a document that is issued by the company which sells its shares in the market, that shows the number of shares being issued to shareholders.
It is a king of Credit Union Savings Account which is similar to the certificate of deposits, that gives higher yields as compared to the regular savings account for a fixed period.

Reasons For Change name in share certificate in Chandigarh

There are plenty of reasons people wish to change names in the share certificate, those are:

Legal Reasons: In a few cases, due to some legal documents being mismatched and to avoid confusion with someone else, the reason is to change the name.
Gender Identity: Transgender community individuals who wish to live authentically can change their name in the share certificate.
Marriage: In Chandigarh, this has become a tradition to change name just after the marriage which symbolizes a change in an individual’s identity.
Divorce: Changing name due to divorce is a common reason
Adoption: When someone wishes to adopt a child then they need to change their name to reflect their new family.

There are many other reasons too such as personal preferences, religious reasons, or cultural reasons, so these are the reasons which insist people change their name on the share certificate.

Now we know why people change names but do you know what benefit they get by doing so?

By changing names on the share certificate people get various advantages. Firstly, if the name on the share certificate match with the name on your legal document prevents any legal issues. Secondly, In the event of an inheritance or sale, it facilitates the transfer of shares and offers clarity. Thirdly, it prevents theft and fraud and creates a sense of trust between the business and other shareholders.

In short, it will benefit in various ways i.e., accurate records, identity verification, legal compliance, and banking and financial transactions.

Documents Required For Change name in share certificate in Chandigarh

Proper documents are required to change or modify your name in the share certificate, these are:

Identification proof: This is the 1st and the most important document for changing the name on the share certificate. Identification proof must be updated and it can be any of the PAN card or AADHAR card with the new name.
Affidavit: It is a legally binding document that is attached to the name change and its reason. It contains all the necessary information that includes the applicant’s old and new name, and the reason for the name change.
Gazette Notification: This notification is published in the official Chandigarh Gazette and is a formal declaration of the name change.
Marriage certificate or Divorce decree: If you are changing the name because of marriage or divorce, then it is a must document.
Bank statement or Utility bill: To prove proof of address you may also submit a bank statement or Utility bill having the new name.

These are the documents that you must keep ready before applying for the name change because any mistake in these documents may lead to the rejection of your request.

Procedure For Change name in share certificate in Chandigarh

While changing the name on the share certificate, the first step that needs to be followed is to apply for the publication of the new name in the state’s official gazette or can execute an affidavit. Once this notification or affidavit is done, you can apply for a name change in other documents.

We have two procedures to be followed:

In the case of shares in physical form
In the case of shares in Demat form

Procedure for changing in case of shares in physical form:

Step1. A letter needs to be prepared to address the company or its registrar and the Share Transfer Agent (RTA) stating the clear details of the old and new name and the reason for the name change.

Step2. Attach the copies of proofs of the name change, that is, Aadhar, PAN, Affidavit, Gazette notification, etc.

Step3. Attach the original share certificate along with the letter.

Step4. You must sign the letter and send it to the RTA of the company.

Step5. You must take most care of the despatch proof like speed post receipt, courier acknowledgment, etc.

Step6. Check on the company after 2 to 3 weeks about the status of your request letter.

Step7. If the company raises any queries, then do provide all the necessary documents at the earliest.

Procedure for changing in case of demat form:

Step1. Check on the website of the depository participant and find the form of application for changing the name in the share certificate.

Step2. Submit necessary documents and proofs.

Step3. After submitting all the necessary information check the status of your request in 2 to 3 weeks.

This is the process that you need to follow while applying for a name change in the share certificate.

How to publish gazette notification?

Follow the steps below if you want to publish a gazette notification.

Name Change Affidavit

First, you need to create a name change affidavit.

News Paper Publication

Your name change must be published in two newspapers after the affidavit is created. The first in the local language and the second in the English language

Gazette Publication

Once you have completed the above steps, you have to go to the Gazette office to publish the gazette notification.

Step1. From the government press or the official website of the department of publication obtain a name change form.

Step2. Fill in all the details asked in the form regarding, your old name, new name, the reason for a name change, etc.

Step3. Attach a copy of the address proof and a copy of the affidavit for a name change.

Step4. Submit the required details and forms with the fees.

Step5. Once the documents get verified by the publication department, they will publish the gazette notification.

How to obtain duplicate share certificate?

To obtain a duplicate share certificate if the original is lost or damaged, follow these steps:

Make a police report at your local station.
Apply for a duplicate share certificate with a copy of the FIR.
Fees must be paid.
A duplicate share certificate will be issued by the company.

Why stamp is required for name change?

Stamp paper while changing the name acts as the part of legal procedure, because it acts as proof that the stamp duty has been paid to the government at the time of the name change.

This acts as a legal document that records the agreements and transactions between two parties. The affidavit is prepared by using stamp paper. The stamp paper and the affidavit are submitted to the Gazette notification office for publishing the changed name in the official Gazette.

Conclusion

Changing the name in the share certificate might look like a complicated task but when the right and whole documents are submitted and the right procedure is followed then this complicated task will get completed smoothly. This whole procedure is followed to avoid the legal complications that might come in the future and can enjoy the benefits of legal compliance, accurate records as well as smooth financial transactions.