| Sebi defers PAN deadline for MFs to Dec |
| BS Reporter / Mumbai June 26, 2007 |
| With less than a week to go for the mandatory permanent account number (PAN) requirement for all new investments in mutual funds to take effect, Securities and Exchange Board of India (Sebi) today extended the deadline by another six months to December 31, 2007, but the regulator insisted that investors making new investments in MFs should produce proof that they have applied for PAN. The mandatory requirement of PAN, the alpha-numerical tax assessment number, for mutual fund investments was to have come into effect from next Monday (July 2). Sebi, however, exempted investors participating in micro-pension schemes from the PAN requirement. "The Sebi has extended the deadline till December 31, provided the investors attach a proof of their PAN application along with their MF investment form. The whole idea is the investors, with no PAN identity, should apply immediately for the mandatory compliance," A P Kurian, chairman, Association of Mutual Funds in India said. The capital markets regulator has asked the mutual funds to accept all investments till December 31, giving investors another six months |
