The change of name for newly elected bishops has a theological explanation rooted in the Bible. God changed the name of all people whom He called, assigned for special mission. Jesus also changed the name of some of his disciples upon assigning them with their missions, such as Mar Keppa.
Taking a new name during the time of Episcopal Ordination is common in Syriac traditions, both East and West. In Latin Church also, newly elected Patriarch of Rome changes his name.
In Rampan Paatt it is mentioned that Mar Thoma Shleeha ordained the Chera King as his successor in the name Mar Keppa.
As per the Request of Malabar Palliyogam, the Catholicos of the East, Mar Elia V (1502-1503) ordained Ramban Daveed as Mar Yaballaha, Ramban Giwargis as Mar Denaha, and Ramban Masud as Mar Yacov in 1503 in the monastery of Guzarate Bêt Zabdai in the complex of the Dayra of Mar Yohannan the Egyptian and sent them to India along with Mar Thoma who had been to Malabar in 1490.
This tradition is not currently followed in the Syro-Malabar Church. However, it is still being followed by the Assyrian Church of the East. For Instance, when David Royal was elevated to the rank of Bishop, he took the name Mar Awa. (Mar Awa III Catholicose).
The new name is not his personal Choice, but it is given by the Church. In East Syriac tradition, church chooses biblical names, names of Syriac Church fathers, Nestorius, Theodorus or Diadorus.