SEBI requires all existing investors to link PAN with Aadhaar number by Mar 31, 2023
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- Last Updated on 10 March, 2023
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Press Release No. 05/2023, Dated March 08, 2023
The SEBI has informed all the existing investors to ensure the linking of their PAN with Aadhaar number by March 31, 2023, for continual and smooth transactions in the securities market. The linking of PAN with Aadhaar has been made mandatory to avoid any potential consequences of non-compliance with the Central Board of Direct Taxes (CBDT) circular no. 7 of 2022 dated March 30, 2022.
As per the said CBDI circular, if the PAN allotted to a person is not linked with Aadhaar by March 31, 2023, it will become inoperative and the person shall 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 the KYC requirements for all transactions in the securities market, all SEBI registered entities and Market Infrastructure Institutions (MIIs) are obligated to ensure valid KYC for all participants.
Further, in case the linking is not done, accounts may be deemed non-KYC compliant, leading to restrictions on securities until the PAN and Aadhaar are linked. Therefore, it is imperative for investors to ensure that their PAN and Aadhaar numbers are linked before the deadline of March 31, 2023.
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