Hello guys
I am looking to get some answer to my query, i am really confused regarding this:
Suppose a person "Kishore" makes some investments in any financial intrument (be it FD, Mutal fund, Share etc.) At the time of investment, he gives his identity proof including PAN card which has his name printed as "Kishore".
A few years later, Kishore changes his name to "Kishore Kumar" and gets this name change published in Gazette, newspapers etc. He also get his name changed in the PAN card. The PAN number remains the same as before.
Now a few years later he approaches the Bank/mutual fund company for redemption of his FD/Mutual fund. The financial institution asks for his identity proof. Now obviously there is mismatch in the name in the (Kishore v/s Kishore Kumar) identity proof he will submit NOW, with that he has submitted at the time of investments.
My investment agent says that if such scenario arises, the Bank or financial insitiution will consficate and will deny Kishore my redemption. As per him, the rule is to inform the concerned financial institution within 10 days of name change. Since Kishore did not inform of this name change within 10 days after his name changed in PAN card, the bank has right todeny him his redemption proceeds.
Is this true?
I am looking to get some answer to my query, i am really confused regarding this:
Suppose a person "Kishore" makes some investments in any financial intrument (be it FD, Mutal fund, Share etc.) At the time of investment, he gives his identity proof including PAN card which has his name printed as "Kishore".
A few years later, Kishore changes his name to "Kishore Kumar" and gets this name change published in Gazette, newspapers etc. He also get his name changed in the PAN card. The PAN number remains the same as before.
Now a few years later he approaches the Bank/mutual fund company for redemption of his FD/Mutual fund. The financial institution asks for his identity proof. Now obviously there is mismatch in the name in the (Kishore v/s Kishore Kumar) identity proof he will submit NOW, with that he has submitted at the time of investments.
My investment agent says that if such scenario arises, the Bank or financial insitiution will consficate and will deny Kishore my redemption. As per him, the rule is to inform the concerned financial institution within 10 days of name change. Since Kishore did not inform of this name change within 10 days after his name changed in PAN card, the bank has right todeny him his redemption proceeds.
Is this true?