Strategic Partner I  Partner with us I  Careers I Announcement  I Contact Us  I Search 
Login
MangalKeshav Toolbar I  Ticker I   Important Documents
Market Overview Mutual Fund  MF Activities  Pan Circulation
23 Oct,14 04:49:49
BSE
NSE
 «« +1 ««-1
Pan Circulation
 
PERMANENT ACCOUNT NUMBER
In accordance with Circular dated April 27, 2007 issued by the Securities and Exchange Board of India (“SEBI”), Permanent Account Number (“PAN”) issued by the Income Tax authorities will be used as the sole identification number for all investors (existing and prospective) transacting in the securities market, including mutual funds, irrespective of the amount of transaction, with effect from July 02, 2007. SEBI vide its Circular dated June 25, 2007 has further clarified that until December 31, 2007, the existing and potential investors not having PAN , should apply for PAN immediately and applications for investment should be accompanied with the evidence of having applied for PAN.
In view of the above, with effect from July 2, 2007, it is mandatory for all existing and prospective investors (including joint holders, guardians of minors, NRIs etc) to enclose a certified copy of PAN card or a copy of the evidence of having applied for PAN Card, along with the application for investing in the schemes.

Existing Investors
  1. Those who have submitted PAN Proof earlier: All such investors are required to again furnish a certified copy with original PAN Card/Letter or self attested copy, duly verified by any of the attesting authorities mentioned hereunder, by mentioning their folio numbers.
  2. All unit holders who have obtained the PAN but have not furnished are requested to furnish an attested copy of the PAN card by mentioning their folio numbers, without any delay.
  3. All unit holders who have not obtained PAN are requested to obtain PAN immediately and furnish a copy of the PAN card at the earliest. Such unit holders are requested to furnish a copy of the evidence of having applied for PAN (copy of Form-49A) for all further transactions in existing or new folios until PAN Card is received.
  4. Separate communication through letter, sms and email is being sent to all existing investors.
Prospective Investors

All new investors shall furnish a copy of PAN card for investing in Mutual Fund Schemes as under:

A. For Transactions from 2nd July, 2007 to 31st December, 2007

Such of those investors who have not obtained PAN, may furnish a copy of the evidence of having applied for PAN (Form-49A) until December 31, 2007.
  1. For investment amount less than Rs. 50,000 – A copy of the evidence of having applied for PAN (acknowledged copy of Form 49A) until the PAN is received. Upon receipt of PAN, furnish certified copy of PAN, with respective folio numbers, for updation in their records.
  2. If the investment is Rs 50,000 or more - A copy of the evidence of having applied for PAN (acknowledged copy of Form 49A) and Form 60 along with proof of address, until PAN is received.
B. For Transactions w.e.f. 1st January, 2008

Further, with effect from January 1, 2008, it will be mandatory for all investors to provide a certified copy of the PAN for all transactions in units of schemes of the Fund.

Verification of PAN proof

The certification of the PAN can be done by any of the following by verifying the original PAN Card/Letter:
  1. The distributor/ broker through whom the transaction is done if PAN proof is self-attested by investor
  2. Bank Manager Attestation with his seal
  3. Notary with his seal
Web Portal Members: Investors transacting through approved Web Portals are also required to get their PAN validated by their Web Portals, if not done already.

Transactions by unit holders/investors who fail to submit copy of PAN or evidence of having applied for PAN (Form - 49A) as explained above are liable to be rejected.

KYC FORMALITIES

Independent of the mandatory PAN requirements spelt out above, the KYC formalities under the Prevention of Money Laundering Act, 2002 (PMLA) and the related guidelines issued by SEBI also needs to be completed in order to avoid repeated exercise of KYC compliance for all mutual funds. This one-time verification is valid for investments across all mutual funds and the process is as follows:
  • A KYC application form can be obtained from designated ‘Points of Service’ (POS) – Investor Service Centres, CVL Centres (CDSL Ventures Ltd.). The POS list can be found at www.amfiindia.com
  • A recent passport size photograph has to be affixed on the completed KYC application form. Required documents such as the PAN card copy and address proof along with details of occupation and income should be submitted with it. (The list of documents required and instructions to fill the form can be found in the KYC application form).
  • The completed KYC application form with the required documents should be submitted to the nearest POS. Kindly note that there is no charge for the verification.
  • After verification of the KYC application form and accompanying documents, investors will receive a letter certifying their KYC compliance. A copy of the letter bearing the PAN should be attached to the scheme’s application form to avoid rejection.
  • Any change in any of the KYC details need to be updated in CVL records only once, as all Mutual Funds will procure latest information from CVL database for KYC compliant cases.
If you already have a Mutual Fund Identification Number (“MIN”) (not valid anymore) and have not provided a certified copy of the PAN, you are requested to complete the formalities mentioned under the paragraph “Permanent Account Number” to be KYC compliant.

[Back] [Top]
  Broker Norms I SSL Certificate I  Disclaimer  I  Privacy Policy I  Fraud Prevention  I  Investor Complaint Cell I Investor Protection I Investor Grievances I Sitemap
© 2008 Mangal Keshav Securities Ltd. All rights reserved
Designed, developed & maintained by C-MOTS Infotech(ISO 9001:2008 certified) Content powered by Capital Market

  • EQUITY AND DERIVATIVE TRADING, DEPOSITORY, INTERNET TRADING THROUGH MANGAL KESHAV SECURITIES LTD. : Member BSE (Cash & Derivatives): SEBI Regn. No. INB 010977431 & INF 010977431 ; Member NSE (Cash & Derivatives): SEBI Regn. No. INB 230977432 & INF230977432 ; Member MCX-SX (Cash, Derivatives & Currency Derivatives): SEBI Regn. No. INB260977435, INF260977435 & INE260977435 ; NSDL: SEBI Regn. No. IN – DP – NSDL – 229 – 2002 ; CDSL: SEBI Regn. No. IN – DP – CDSL – 153 – 2001 ; AMFI Regn. No. ARN 2397 
  • COMMODITY BROKING THROUGH MK COMMODITY BROKERS LTD. : Member MCX (Regn No. 12620, FMC Code: MCX/TCM/CORP/0700) ; Member NCDEX (Regn. No. 00042, FMC Code: NCDEX/TCM/CORP/0134);Member NSEL (Mebership Code 14520)
  • INSURANCE THROUGH MANGAL KESHAV INSURANCE BROKERS LTD. : IRDA License No. 202
  • IPO AND MUTUAL FUNDS THROUGH MANGAL KESHAV FINANCIAL SERVICES LTD. : AMFI Regn. No. ARN 22771
  • MANGAL KESHAV CAPITAL LTD. : N – 13.01824
OFFICE ADDRESS : 501, 5th floor, Heritage Plaza, Opp. Indian Oil Nagar, J P Road, Andheri (w) – 400053 I Tel.:- 022-3386 8000