SEBI

SEBI requires investors to link PAN with Aadhaar number prior to March 31, 2023

SEBI requires investors to link PAN with Aadhaar number prior to March 31, 2023

Linking of PAN with Aadhaar to be done by March 31, 2023

The provisions of Income – tax Act, 1961, make it mandatory for every person who has been allotted a  Permanent Account Number (PAN) to intimate his/her Aadhaar Number to the prescribed authority so that the Aadhaar and PAN can be linked. This is required to be done on or before the notified date, failing which the PAN shall become inoperative.
 
As per Central Board of Direct Taxes (CBDT) circular No. 7 of 2022 dated March 30, 2022, the PAN allotted  to a person shall become inoperative if it is not linked with Aadhaar by March 31, 2023 and shall be liable to all the consequences under the Income-tax Act, 1961 for not furnishing, intimating or quoting the PAN.
 
Since PAN is the key identification number and part of KYC requirements for all transactions in the securities market, all SEBI registered entities and Market Infrastructure Institutions (MIIs) are required to ensure valid KYC for all participants
 
All existing investors are required to ensure linking of their PAN with Aadhaar number prior to March 31, 2023, for continual and smooth transactions in securities market and to avoid consequences of non – compliance with the said CBDT circular, as such accounts would be considered non-KYC compliant, and there could be restrictions on securities and other transactions until the PAN and Aadhaar are linked.
 
Share
Leave a Comment

Recent Posts

  • Income Tax

No protective addition required when additions is confirmed in hands of searched person – ITAT

No protective addition required in the hand of a third party when additions have been confirmed in the hands of…

18 hours ago
  • arbitration

Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC

Limitation for filing application u/s 34 of Arbitration Act commence from date on which application u/s 33 is disposed of…

5 days ago
  • Income Tax

Case remanded in absence of finding if disallowance u/s 40A(3) covered by Rule 6DD

Case remanded as no finding was given whether cash payments disallowed u/s 40A(3) were covered by Rule 6DD under Income…

6 days ago
  • Income Tax

For investment in share capital, source of investment is outside the control of the investee company

In case of investment in share capital, the source of investment may remain outside the control of the investee company.…

6 days ago
  • ICAI

ICAI issues revised Code of Ethics (13th edition)- Applicable Dates

ICAI issues revised Code of Ethics (13th edition) ICAI has released revised Code of Ethics (13th edition). The revised Code…

1 week ago
  • SEBI

Modified Norms for Nomination in Demat Accounts and Mutual Fund Folio

Modified Norms for Nomination in Demat Accounts and Mutual Fund Folio SEBI has modified Norms on Nomination to be implemented…

2 weeks ago