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General

PAN number is now mandatory

SEBI has posted a circular (MRD/DoP/Dep/SE/Cir-13/06, Sep 26 2006) that makes a PAN card mandatory, from Jan 1, 2007, for all customers who buy or sell stocks in Indian Stock Exchange. In addition, the PAN card must be verified by the brokers visually – so they need to see the original PAN card, and you need to provide them with a copy.

Now even if you don’t trade regularly it is necessary for you to go to your broker’s office and provide them with a copy of your PAN card. This applies to online trading accounts as well.

Failing to do so means you will not be allowed to trade, and your account may be frozen post Jan 1, 2007. Please do this promptly and enjoy the holidays!

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