Hello @Gurunath
We need to change the driver configuration to change name. My PC is Win10, I will show the steps about how to change this default name to a custom name on my side.
Step1. Right click "USB Serial Device" on Device Manager of PC.
Step2, Choose "Driver key" under Details view. Copy the Value.

Step3, Open and run Registry as Administrator.

Step4, Search the "value" copied in step2.

Step5, change name as below:

Step6, Reset board. Show as below.

If your PC is another system, you can also google like " how to change USB device name on xxx system".
BR
Alice