SEBI requires all existing investors to link PAN with Aadhaar number by Mar 31, 2023
- Blog|News|Company Law|
- < 1 minute
- By Taxmann
- |
- Last Updated on 10 March, 2023
Latest from Taxmann
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.
Click Here To Read The Full Press Release
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
