SEBI extends PAN deadline for MF investors

NEW DELHI: Market regulator Securities and Exchange Board of India (SEBI) on Tuesday extended the deadline for mandatory quoting of Permanent Account Number (PAN) by mutual fund investors till December 31 provided they give proof of application made for getting PAN.

"SEBI has relaxed the norm for mandatory quoting of PAN by mutual fund investors till the year-end," Association of Mutual Funds in India (AMFI) Chairman A P Kurien said.

SEBI, in a communication to stock exchanges and depositories on Monday, discontinued the practice of quoting Unique Identification Number and made PAN the sole identification number for all particitants in the securities markets. The new guidelines would come into effect from July 2.

The market watchdog relaxed the norms for mutual fund investors on request by AMFI, Kurien said, adding it would be difficult for large number of small investors to obtain PAN in a short time.

Mutual fund investors investing more than Rs 50,000 anyway are required to quote PAN under regulatory norms.

The mutual fund industry has been demanding level-playing field for all investors, including those in banking and insurance sectors.