GENERAL MANAGER

INVESTMENT MANAGEMENT DEPARTMENT

SEBI/IMD/CIR No. 6/ 4213/04

March 1, 2004

All Mutual Funds registered with SEBI Association of Mutual Funds in India (AMFI)

Dear Sirs,

Sub: Mentioning of bank account number and PAN by investors

Keeping in view the interest of investors and the process of ‘Know your client’ for mutual funds, SEBI had issued Circular No. IIMARP/MF/CIR/07/826/98 dated April 15, 1998 which, inter alia, stated that it shall be mandatory for the investors of mutual fund schemes to mention their bank account numbers in their applications/requests for redemptions.

With a view to further strengthen the process of ‘Know your client’ by mutual funds, you are advised to ensure the following:

Wherever an application is for a total value of Rs. 50,000 or more, the applicant or in the case of application in joint names, each of the applicants, should mention his/her permanent account number (PAN) allotted under the Income Tax Act, 1961 or where the same has not been allotted, the GIR number and the income-tax Circle/Ward/District should be mentioned. 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 should not be accepted by the mutual fund.

The above clarification is being issued in accordance with Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.

Yours faithfully,

SURESH GUPTA

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