Permanent Account Number (PAN) will tomorrow replace the Mutual Fund Identification Number (MIN), which was earlier this year made mandatory for mutual fund investments worth over Rs 50,000."MIN will be withdrawn from tomorrow and PAN will replace it as the sole identification number for mutual fund transactions from March 2," A P Kurien, chairman, Association of Mutual Funds of India, said.Finance Minister P Chidambaram had in his Budget speech yesterday proposed making PAN the sole identification number for all participants in securities market."Investors need to have PAN number and other documents under the KYC (know your client) norms of the Prevention of Money Laundering Act," he said.About 2,00,000 mutual fund investors are estimated to have already been allotted MIN, which was introduced in January as an enhanced KYC measure to comply with regulatory norms.Central Depository Services (CDSL), the country's second largest depository, had established a separate company for allotting MIN to investors.Those investors, who have already been allotted MIN, need not provide their PAN details afresh.
