New Delhi: The capital market regulator Sebi on Friday asked investors to link their pan with aadhaar numbers on September 30 for sustainable and smooth transactions in the securities market.
Failure to comply with this, a person’s permanent account number card (PAN) will become non-operating, which means incomplete knowing the details of your customers (KYC).
The development came after the board of the tax center directly through the notification on February 2020, said the pot of someone allocated on July 1, 2017, would become non-operating, if not associated with Aadhaar on September 30, 2021, or what other dates were determined by the CBDT.
Because, PAN is a single identification number for all transactions in the securities market, given the CBDT notification, all registered entities of Sebi, including market infrastructure institutions, must ensure compliance with notifications and only receive operative pots (linked to Aadhaar numbers) by clients when opening a new account Post-September 30, said the regulator in a press release.
Also, all existing investors have been asked to ensure the liaison of their pan with Aadhaar numbers before September 30 for sustainable and smooth transactions in the securities market, and to avoid the consequences of non-content notifications on their transactions in their securities market.