Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 Haven't got your income tax refund yet? These could be the 5 reasons
 How to rectify errors in an income tax challan online via the e-filing portal? A step-by-step guide
 How sale of foreign shares is taxed in India
 How to structure your salary to reduce your tax burden

SEBI extends PAN deadline till December 31
June, 27th 2007
Asks for proof of filing application

The Securities and Exchange Board of India (SEBI) has extended the deadline for investors in mutual funds who do not hold PAN cards up till December 31, this year.

However, the regulator said investors will have to apply for a PAN card and submit proof of the application while filling in the investment form for mutual funds from July 2 onwards.

SEBI has informed this in a letter to The Association of Mutual Funds in India (AMFI).

Earlier, AMFI had asked SEBI to re consider the decision of having a PAN card compulsorily for investments in mutual funds as it would take away a large number of investors from mutual funds.

"From July 2, the investor has to either submit a PAN card number or a proof of application for a PAN card, failing which, he will be unable to invest in mutual funds. SEBI has intimated the same to AMFI," said Mr A.P. Kurian, Chairman, AMFI.

The underlying idea is to make all investors in securities market to get a PAN card.

However, Mr Kurian raised concerns that the same procedure was not uniform across all avenues of investments such as post office deposits, national savings certificates, premia in insurance, among others where only the investor above Rs 50,000 has to get a PAN card.

Mr Kurian said it would take time to educate investors in mutual funds who are now present in small towns also.

"Facilities will also have to be provided in these places to provide a PAN card," he added.

"The momentum of investment may be affected which is a concern," said Mr Kurian.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting