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Your PAN card may finally be on its way to becoming the sole ID for all financial transactions. The budget proposal to make PAN the sole identification number for all participants in the securities markets will come into effect on July 2.

SEBI has asked all intermediaries to put in place the necessary infrastructure to facilitate any query based on PAN for getting details of client transactions.

It has also directed the stock exchanges and depositories to make necessary amendments in the relevant bylaws, rules and regulations for the immediate implementation of the decision.

Parvatha Vardhini C.

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