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Our Bureau

Mumbai , Aug. 22

While Permanent Account Number (PAN) will be mandatory for trading in shares from October 1 investors may also have to get their unique identification number (UIN) to be allotted by SEBI.

The capital market regulator has decided resume registration of investors for allotting UIN in a phased manner, which was discontinued in July 2005, following the recommendation of a SEBI-appointed committee.

UIN was part of a major initiative of SEBI to create a database of market participants and investors (Mapin). Up to March 2005, 2.94 lakh participants had obtained UIN. Subsequently, the registration was discontinued after many investors expressed apprehensions in the process of obtaining UIN including bearing its cost.

Now SEBI has decided to resume fresh registration. To begin with, the cut - off limit for obtaining UIN with biometric impressions for `natural persons" has been raised from the existing limit of a trade order value of Rs 1 lakh to Rs 5 lakh or more. The limit will be reduced progressively, SEBI said in its annual report 2005-06 released today.

For a trade order value of less than Rs 5 lakh, option will be available to investors to provide either their PAN or UIN obtained under MAPIN.

Investors to the mutual fund would be exempted from the requirement of obtaining UIN. Listed companies or those companies intended to get listed, along with its promoters, directors, officers and designated employees would be required to obtain UIN, SEBI said. These changes will be implemented after necessary amendments are made to the MPAIN regulations, the annual report said.

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