Sebi Asked Investors to Link PAN with Aadhaar by March End for Continual Transactions in the Securities Market

Capital market controller Sebi on 8th March asked all investors to link their PAN with Aadhaar by March End.

For continual and easy transactions in the securities market. If one doesn’t like one’s PAN card with Aadhaar would be considered as a non- KYC compliant and there could be limitations on securities and other related transactions until the Permanent Account Number (PAN) and Aadhaar are linked, Sebi highlighted the statement on Wednesday.

Earlier it was the notice informing the people in March 2022, “Whereas the PAN issued to a people would become unworkable if it is not link with Aadhaar by 31st March’ 2023” and would be accountable to all the Repercussions under the Income- tax Act, 1961, for not furnishing, specifying or quoting the permanent Account Number (PAN).

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As a PAN is key identification number and part of KYC essential for all money dealings in the securities market, Sebi registered companies and Market Infrastructure Institutions (MIIS) are needed to ensure accurate KYC for all participants. “All Current investors are required to make securities market and to ignore the repercussions of non- compliance with the said CBDT Notice,” the securities and Exchange Board of India (Sebi) informed.

The provisions of the Income tax Act make it necessary for individuals who has been issued a PAN to intimate their Aadhaar so that both Aadhaar and PAN can be linked.

It is required to be done prior to the last date that is 31 st March’2023, Non- compliance will have to face certain Repercussions in which their PAN would become unworkable.