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Your Result on : PAN Circulation |
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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
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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.
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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.
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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.
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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.
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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.
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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:
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The distributor/ broker through whom the transaction is done if PAN proof is
self-attested by investor
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Bank Manager Attestation with his seal
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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:
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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
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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).
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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.
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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.
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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.
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