Sub: Mandatory requirement of Permanent Account Number (PAN)
1. Please refer to SEBI circular No.MRD/DoP/Cir-05/2007 dated April 27, 2007 making PAN mandatory for all transactions in the securities market.
2. As you are aware, the demat accounts for which PAN details have not been verified are “suspended for debit” until the same is verified with the Depository Participant (DP). However, it has come to our notice that despite follow up, investors are not furnishing the PAN details.
3. In order to ensure better compliance with the Know Your Client (KYC) norms it has been decided that with effect from August 16, 2010 such PAN non-compliant demat accounts shall also be "suspended for credit" other than the credits arising out of automatic corporate actions. It is clarified that other credits including credits from IPO/FPO/Rights issue, off-market transactions or any secondary market transactions shall not be allowed into such accounts.
9 comments:
Now a days demat account opening is as easy as a saving account.
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regards
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However, it has come to our notice that despite follow up, investors are not furnishing the PAN details.
A Demat account with a bank or any money related organization is the thing that a dealer need to do online offer exchanging.
Read more:- Demat account
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