As per SEBI Circular dated 27 April 2007, PAN is mandatory with effect from 2 July 2007 ie: every investor needs to submit his PAN for every investment irrespective of the amount. Incase the investor does not have not have a PAN, a copy of the evidence of having applied for PAN shall be furnished. Form 49 A (ONLY acknowledged copy). Any failure in adherence to these guidelines will be treated as regulatory non-compliance. The following procedure shall be followed for complying with the above stated guidelines. 1. Ensure that every investment request is accompanied with a copy of PAN Card of every holder. The copy of the PAN card has to be verified with original PAN card and attested by AMFI certified distributors or by KMAMC official at the front office desk.
2. If the investor has already furnished his PAN, check the same in EISC. Request the investor to furnish valid PAN Proof if the PAN as per EISC record is not valid (Where the PAN verified status is N). If found valid accept the transaction.
3. If an investor does not have PAN on the date of transaction but has applied for PAN, then his transaction request should be accompanied with a copy of the acknowledged copy of application for PAN, ie: form 49A. However, if the transaction amount is Rs. 50000 or more then Form 60 + Address Proof also needs to be submitted along with the above documents.
4. If an investor does not have PAN at all & has not even applied for the same then we cannot accept his transaction.
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