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BO is a person who ultimately owns or controls a foreign portfolio investment.
According to Sebi, one of the documents required for change of name in BO’s account with depositories for reasons other than marriage is a document related to the publication of name change in the official gazette.
However, depositories said for residents of Karnataka and Punjab, the name change is published by respective state governments in the official gazette only for government employees and not in the case of private persons.
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The necessary documents include request letter for change of name, affidavit executed before notary and publishing in one local and a national newspaper regarding change in name, among others, Sebi said.
Besides, Securities and Exchange Board of India (Sebi) directed depositories to implement the new framework within three months and keep an audit trail of the name change in the BO account similar to that of address change or any other change of coordinates.