Sponsored
    Follow Us:
Sponsored

Chief General Manager

Market Regulation Department-Division of Policy

E-mail: [email protected]

M RD/DoP/MF/Cir-08/2008

April 03, 2008

1.All Mutual Funds registered with SEBI

2. Association of Mutual Funds of India (AMFI)

Dear Sir / Madam,

Sub:- Exemption from mandatory requirement of PAN

1.Please refer to SEBI circular No. MRD/DoP/Cir- 05/2007 dated April 27, 2007 on the captioned subject.

2. As you may be aware, SEBI vide circular Nos. MRD/DoP/Dep/Cir-09/06 and MRD/DoP/SE/Cir-13/06 dated July 20, 2006 and September 26, 2006 exempted investors residing in the state of Sikkim from the mandatory requirement of PAN for the purpose of opening/operating Beneficial Owner (BO) accounts with depository participants and for the purpose of trading in cash market respectively.

3In the light of the representations received regarding similar exemption for investments in mutual funds, it has been decided to exempt investors residing in the state of Sikkim from the mandatory requirement of PAN for their investments in mutual funds also. However, this would be subject to the mutual funds verifying the veracity of the claim of the investors that they are residents of Sikkim, by collecting sufficient documentary evidence. Mutual Funds are also advised to ensure strict compliance with the applicable ‘Know Your Client’ norms.

4. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Yours faithfully,

S V Murali Dhar Rao

sebi press_logo Circular

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Ads Free tax News and Updates
Sponsored
Search Post by Date
December 2024
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031