"CA. V.M.V.SUBBA RAO" <vmvsr@rediffmail.
From: "CA. V.M.V.SUBBA RAO" <vmvsr@rediffmail.
Date: Thu, 10 Jan 2008 16:05:39 +0530
Subject: [bhilai-ca] PAN Mandatory-01/
01/08- MF Investment
PAN is now mandatory for transacting in Mutual Funds This is to update you on the requirements of Prevention of Money Laundering Act, 2002 and the subsequent notifications dated 27 April, 2007 and 25 June, 2007 issued by SEBI which made Permanent Account Number (PAN) as the sole identification number for all participants transacting in the securities market (which includes Mutual Funds) with effect from 2 July, 2007.
To ensure compliance with the requirements mandated by SEBI, it is now mandatory for all investors (including NRIs) to submit a copy of the PAN card while making a new / additional purchase transactions (including SIPs) of any amount. In absence of the above, such transactions will be liable for rejection by the mutual fund with effect from Jan 01, 2008.
Applicability of the new guidelines:
Only PAN card copy is accepted as PAN proof, effective January 1, 2008. No document would be accepted in lieu of the PAN. Thus form 49A / 60 or evidence of PAN other than a PAN card will not be accepted.. Submission of PAN card copy is mandatory for all existing as well as prospective investors (including joint applicants / holders, guardians and NRIs) for investing with Mutual Funds from January 1, 2008.. Existing investors who had earlier provided Form 49A or copy of application for issue of duplicate PAN card must submit a copy of their PAN card to us immediately, to continue transacting with us.
Verification of PAN Proof:
Investors are required to submit a copy of their PAN card. Please note that the PAN copy needs to be attested by any of the following :-. a. At the Mutual Fund office (verification with original to be done by the person accepting the documents) b. Your Financial Advisor c. Your Bank Manager d. Gazetted Officer e. Notarized Copy f. Judicial Authority As mandated by the regulation, PAN details need to be verified from the Income Tax database by our Registrars. Incase of existing investors in ICICI Prudential Mutual Fund, where PAN proof is available, verification will be carried out from the Income Tax Database. Incase of mismatch between the details provided and Income Tax database, Investors will be notified about the difference and the investor's folio would be locked for additional purchases and future SIP registrations.
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