The Forward Markets Commission has made compulsory the declaration of permanent account number (PAN) for clients while registering with brokers. The FMC stipulation is effective April 1, 2007.
Clients already registered with brokers and who have not declared their PAN will have to do it before March 31, 2007. Clients failing to give the PAN will not be entitled to trade from April 1, 2007. Clients who do not possess PAN will be required to furnish necessary declarations in the form prescribed by the Income-Tax department.
The commodity exchanges have been told to upload the PAN of clients along with details of their occupation in the existing client data