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TMI BlogMandatory requirement of Permanent Account Number (PAN) – Issues and clarificationsX X X X Extracts X X X X X X X X Extracts X X X X ..... CDSL/OPS/ DP/657 as well as CDSL/OPS/DP/666 dated February 07, 2006 and March 08, 2006, respectively, on the captioned subject. 2. During the course of implementation of the aforesaid requirement, certain operational issues have arisen and accordingly, the market participants have made representations and suggestions and sought clarifications on the various operational issues from SEBI. 3. The representations made and clarifications sought covered the following aspects: * Exemption to certain categories of entities registered with SEBI and verification of documents for proof of address. * Exemption to Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs). * Exemption to persons having PAN but not the PAN card. * Exemption to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red to comply with the mandatory requirement of producing PAN Card at the time of opening a BO account. However, such NRIs/PIOs who are not able to obtain PAN for one reason or the other but are holding securities in physical form and desire to sell the same, may be permitted to open a "limited purpose BO account" without PAN. The operation of such BO accounts shall be subject to the following conditions : * These accounts will be "suspended for credit", which means, only credits arising out of corporate benefits and demat of physical certificates will be permitted. * These accounts cannot be used for getting credit from IPOs, off-market transactions or any secondary market transactions, etc. * These accounts can remain operational on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... obtained when accounts are opened in their respective names. 4.8. In case where there is difference in the maiden name and current name of the investor (predominantly in the case of married women), DPs can collect the PAN card proof as submitted by the account holder. However, this would be subject to the DPs verifying the veracity of the claim of such investors by collecting sufficient documentary evidence in support of the identity of the investors as provided in the SEBI Circular No. MRD/DoP/Dep/Cir-29/2004 dated August 24, 2004. 4.9. In the light of the observations of the Hon'ble High Court of Sikkim in its Order dated March 31, 2006 as forwarded by the Sikkim Chamber of Commerce vide their letter No.See/52/06-07 dated May 11, 2006, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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