If you have changed your name for any reason and are a shareholder, you may also need to update your name on the share certificate. The purpose of this article is to provide a comprehensive explanation of How to Change Name in Share Certificate in Mumbai.
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What is Share Certificate?
A physical document that reflects ownership in a firm is a share certificate. It includes details such the name of the shareholder, how many shares are held, and the share certificate number. When shareholders buy shares in a corporation, share certificates are issued to them.
Updating Your Name on a Share Certificate:
If you own shares in a corporation and your name has changed, you must change your name on the share certificate. A request must be made to the firm, the required paperwork must be provided, and then the new share certificate must be issued in order to change the name on the share certificate.
How to Change Name in Share Certificate in Mumbai?
1. Get an affidavit explaining the change in name.
2. Place an advertisement explaining the name change in a nearby newspaper.
3. Get a notice of the name change in the gazette.
4. Get an authenticated copy of the affidavit, newspaper ad, and gazette notice.
5. Send the request and the attested copies of the documents to the business.
6. Following the documents’ verification, the business will issue a new share certificate bearing the new name.
Documents Needed to Change Name in Share Certificate in Mumbai
There are specific documentation needed in Mumbai to change a share certificate’s name. They consist of:
1. Affidavit:
A written sworn declaration issued under oath in front of a notary public or magistrate is known as an affidavit. It is a legal document that certifies the veracity of the information it contains. The affidavit is necessary to proclaim the name change and to specify why it occurred.
2. Gazette Notification:
An official document published in the Indian Official Gazette is known as a gazette notification. It must be provided to the business and serves as documentation of the name change. You can acquire the notification by placing an ad in your neighborhood newspaper and delivering the necessary paperwork to the official gazette office.
3. Attested copy of the sale deed:
A copy of the sale deed must be given if the name change results from a change in share ownership. A gazetted officer or notary public must properly attest the sale deed.
4. Updated PAN Card:
A shareholder must present an updated PAN card that includes their new name. Before sending the PAN card to the company, it must be updated with the Income Tax Department.
5. Updated Aadhar Card:
The shareholder must present an Aadhaar card that reflects the new name. Before sending the Aadhaar card to the business, it needs to be updated with the UIDAI.
6. Share Certificate in Physical Form:
If the shares are held in physical form, the shareholder must submit the original share certificate to be revoked and issued again with the new owner’s name.
7. Demat Account:
If the shares are held in demat form, the shareholder must submit a copy of the account’s most recent holdings or transaction statement.
Before presenting them to the company to process the request for the change of name in the share certificate, it is crucial to ensure that all required papers are in order and properly certified.
Method for Changing Name on Physical Share Certificate:
The following steps must be followed in order to change the name on a physical share certificate:
1. Name Change Affidavit –
The first step is obtaining an affidavit, which declares the name change and explains its cause. The affidavit must be written on paper with the appropriate worth of stamps, and a notary public or a gazetted officer must witness it.
2. Post an Ad:
The shareholder is required to post an ad announcing the name change in a neighborhood newspaper. The old and new shareholder names, as well as the explanation for the change, should be included in the advertisement. The newspaper ought to be a daily publication in the local language.
3. Get a Gazette Notification:
To announce the name change, the shareholder must obtain a gazette announcement. A notification can be obtained by delivering the required paperwork to the official gazette office. The notification, which attests to the name change, is published in the Indian Official Gazette.
4. Submit the Request to the Company:
The shareholder must submit a written request to the firm for altering the name on the share certificate after obtaining the affidavit, newspaper advertisement, and gazette announcement. The shareholder must sign the request, which must be written on plain paper. Also, the shareholder must enclose the original share certificate for cancellation and reissue under the new name.
5. Await the New Share Certificate:
After submitting the request, the shareholder must wait for the corporation to process the request and issue a new share certificate with the revised name. Depending on how the business operates, the process could take up to 15 days.
6. Update Your Name in the Company’s Register of Members:
After receiving a new share certificate, you must update your name in the company’s register of members. The shareholder should provide the firm with the new share certificate, a copy of the affidavit, the newspaper ad, and the gazette announcement so that they can update their records.
To ensure a simple and hassle-free name changing process, it is crucial to make sure that all necessary measures are taken. Any errors or omissions in the documentation or process can result in delays or rejection of the request.
Procedure for Changing Name in Demat Account:
These steps must be followed in order to change the name in a demat account:
1. Affidavit Creation:
The first step is obtaining an affidavit, which declares the name change and explains its cause. The affidavit must be written on paper with the appropriate worth of stamps, and a notary public or a gazetted officer must witness it.
2. Send the Request to the Depository Participant (DP):
The Shareholder must send a formal request to their DP in order to change the name on the Demat Account. The shareholder must sign the request, written on plain paper. A copy of the affidavit should also be attached by the shareholder, along with any other supporting documents required by the DP.
3. Submit Supporting Documentation:
The shareholder must submit supporting documentation for the name-change request. Depending on the reason for the name change, different types of documentation can be needed. For instance, the shareholder can be asked to present a marriage certificate in the event of a marriage. The shareholder can be asked to give a copy of the court order in case of a court order.
4. Wait for the Name Change to Reflect:
The shareholder must wait for the name change to appear in their demat account after submitting the request and supplying the relevant proof.
5. Update Other Records:
The shareholder must update their name in other records, such as their bank account, mutual fund investments, etc., after the name change is reflected in the demat account. In order for the companies’ records to be updated, the shareholder should also notify them of the name change and provide the updated information.
To ensure a simple and hassle-free name changing process, it is crucial to make sure that all necessary measures are taken. Any inaccuracies or omissions in the paperwork or procedure could cause delays or lead to the request being denied.
Important Points to Remember During Name Change
There are a few crucial reminders to remember when changing the name on a share certificate, whether in physical or demat form. They consist of:
1. Submitting the Right Documents: It is crucial to ensure that all the necessary paperwork are presented for the name change request. Affidavits, supporting documents like marriage certificates or court orders, as well as any other paperwork requested by the registrar or depository participant, may be included.
2. Updating Other Records: After the name change is recorded in the share certificate or demat account, it is vital to update other records, such as bank accounts, mutual fund investments, and other shareholdings, to ensure that there is no mismatch in names.
3. Adhering to Appropriate Procedures: Depending on the cause for the name change and the rules and regulations of the registrar or depository participant, the method for changing the name on a share certificate or demat account may differ. To prevent delays or rejections, following the correct procedures and submitting all required paperwork is critical.
4. Monitoring the Request: If there are any delays or problems, it is crucial to monitor the name change request and follow up with the registrar or depository participant.
5. Seeking Professional Advice: It is advised to seek professional advice from a lawyer or a qualified expert if there are any legal or technical concerns with the name change request.
6. Scheduling the Name Change: It is advised to timing the name change request appropriately if the Shareholder intends to sell the Shares in the near future in order to avoid any snags in the Sale Process.
Shareholders can ensure a simple and hassle-free name change process and avoid any corresponding legal or technological concerns by keeping these crucial considerations in mind.
Conclusion:
In Mumbai, a shareholder must follow a precise procedure in order to change the name on a share certificate. This procedure includes obtaining an affidavit, posting an advertisement, obtaining a gazette notification, and submitting the request to the firm. The shareholder must submit the required paperwork, wait for the issuance of the new share certificate, and update their information in the company’s register of members.
To ensure a simple and hassle-free name-changing process, it is imperative to take the necessary actions. It is also advisable to seek legal counsel or consult an expert advocate for any legal difficulties that may occur along the process.
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