Securities and Exchange Board of India (Sebi) today asked merchant banks to stop the practice of requiring applicants to attach photocopies of the permanent account number (PAN) card with the application form for initial public offerings (IPOs).Stating that such a practice was not mandated by Sebi, a circular by the market regulator today said the present rules require only the PAN number to be quoted in the application forms irrespective of the size of the application.Sebi has instructed merchant bankers to ensure that all collection agents/centers engaged in collecting application forms do not refuse to accept applications in the absence of photocopies of PAN.
