The Hindu Business Line : MF investors required go give PAN

THE Securities and Exchange Board of India (SEBI) has announced that investors in mutual funds would be required to mention their permanent account numbers (PAN) for all applications over Rs 50,000. An earlier regulation by SEBI mandated that bank account numbers should be mentioned in all application forms and requests for redemptions.

The regulator says that the PAN account requirement is to further strengthen the `Know-your-client' initiative of mutual funds.

In case an investor has not been allotted a PAN number, the GIR number and the income-tax circle, ward or district should be mentioned, says the SEBI notice. In case where neither the PAN nor the GIR number has been allotted, the fact of non-allotment should be mentioned in the application form.

Any application form without these details would not be accepted by mutual fund companies, stated the notice.

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