Get your PAN to invest in mutual funds
Jul 03, 2007
Personal Finance
In March, the Finance Minister had confirmed doing away with the MIN and had indicated that the Permanent Account Number (PAN) would be required for investing in all mutual fund schemes.
This has now come in to effect as a part of compliance with the Know Your Customer (KYC) norms set out by SEBI. So far, the AMC’s have been accepting forms where proof of application for PAN is attached. This exemption expires on December 31, 2007.
It would be an arduous task for the fund houses and distributors to implement this. In the long run, however, it would help keep track of all investments under a single PAN number provided of course, the very process of issuing PAN cards is done in a smooth and systematic manner.
We are still a far cry away from being able to replicate the US system of having a Social Security Number as a single identifier for all transactions.
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