Name change in demat/trading account (ICICIdirect)

#1
Hello,

I was known by my first name only till a few months back. All my official documents, including the PAN card, had only my First name.

Recently i got my name changed to include my surname also.

This change i got published in Gazette of India notification and newspapers, and got the name changed in the PAN card.

However, i am now facing a weird issue.

For the KYC documents, ICICIDirect has asked me to furnish my updated identity and address proof.

Now since my updated PAN card has my new name (firstname+lastname), ICICIDirect says this cannot be accepted.

The alternative is to open a new demat account and transfer existing securities to the new one.

But here is the major issue. I have ongoing SIPs and investing in ELSS funds. For transfer of securities, i need to redeem all my Mutual funds and sell all shares. But this is not possible because of ELSS mutual funds which have lockin. Also, since SIPs are ongoing, my account cannot be transferred since there will be a period of transition where i will have two trading accounts (after which old one will be deleted).

So i am stuck. I cannot continue with my relation with ICICIDirect any longer. :(

Any solutions?
 

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