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NEW DELHI: Capital markets regulator Sebi on Wednesday asked all investors to link their Permanent Account Number (PAN) with Aadhaar number by March-end for continual and smooth transactions in the securities market. The non-compliance with this would be considered non-KYC compliant, and there could be restrictions on securities and other transactions until the PAN and Aadhaar are linked, Sebi said.
The Central Board of Direct Taxes (CBDT) issued a circular in March 2022, whereby the PAN allotted to a person would become inoperative if it is not linked with Aadhaar by March 31, 2023, and would be liable to all the consequences under the Income Tax Act, 1961, for not furnishing, intimating or quoting the PAN.
“Since PAN is the key identification number and part of KYC requirements for all transactions in securities market, all Sebi registered entities and market infrastructure institutions (MIIs) are required to ensure valid KYC for all participants,” Sebi said.
The Central Board of Direct Taxes (CBDT) issued a circular in March 2022, whereby the PAN allotted to a person would become inoperative if it is not linked with Aadhaar by March 31, 2023, and would be liable to all the consequences under the Income Tax Act, 1961, for not furnishing, intimating or quoting the PAN.
“Since PAN is the key identification number and part of KYC requirements for all transactions in securities market, all Sebi registered entities and market infrastructure institutions (MIIs) are required to ensure valid KYC for all participants,” Sebi said.
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