Deadline for PAN compliance extended to Dec 31

The Securities and Exchange Board of India ( SEBI ) has extended the deadline for submitting the details of PAN for holding DEMAT accounts to 31st December 2006 from 30th September 2006. The extension of this deadline follows representation from the brokerage industry on the difficulties for submitting PAN details before September 30th, according to a SEBI circular.

? In view of the difficulties expressed by the stock brokers in verifying the PAN of the Institutional clients with the original PAN card, the custodians are advised to verify the PAN details of the Institutional clients with the original PAN card and provide copy of such verified PAN details to the brokers duly certified ? the circular said.

Institutional clients would include Foreign Institutional investors, MFs, VCFs, FVCIs, Scheduled Commercial Banks, Multilateral and Bilateral Development Financial Institutions, State Industrial Development Corporations, Insurance Companies registered with IRDA and Public Financial Institutions.

Earlier, the market regulator had asked depository participants ? NSDL and CDSL to freeze all DEMAT accounts of all holders, who did not provide PAN details before 30th September 2006.


Source: The Economic Times 27th September 2006