The improvement got here after the Central Board of Direct Taxes via a notification in February 2020, mentioned the PAN of an individual allotted as of July 1, 2017, will turn into inoperative, if it isn’t linked with Aadhaar by September 30, 2021, or some other date specified by the CBDT.
Capital markets regulator Sebi on Friday requested traders to hyperlink their PAN with Aadhaar quantity by September 30 for continuous and clean transactions within the securities market. Failing to adjust to this, an individual’s Permanent Account Number (PAN) card will turn into inoperative, which suggests incomplete Know Your Customer (KYC) particulars.
The improvement got here after the Central Board of Direct Taxes via a notification in February 2020, mentioned the PAN of an individual allotted as of July 1, 2017, will turn into inoperative, if it isn’t linked with Aadhaar by September 30, 2021, or some other date specified by the CBDT.
Since, PAN is the only identification quantity for all transactions within the securities market, in view of the CBDT notification, all Sebi registered entities, together with market Infrastructure Institutions, ought to guarantee compliance of the notification and settle for solely operative PAN (linked with Aadhaar quantity) by the consumer whereas opening new accounts post-September 30, the regulator mentioned in a press launch.
Also, all the present traders have been requested to make sure linking of their PAN with the Aadhaar quantity earlier than September 30 for continuous and clean transactions within the securities market, and to keep away from any penalties of non-compliance of the notification on their transactions within the securities market.
(PTI)