Now PAN only identification for financial transactions

Written by Amit Agarwal on Jun 26, 2007

SEBI has decided to make Permanent Account Number (PAN) as the sole identity for transactions in securities market irrespective of the transaction amount.

The Government has scrapped Unique Identification Number (UIN) which failed to make any headstart as it wasn’t made mandatory. Earlier in March this year, SEBI had reversed its decision of quoting a mutual funds identification number (MIN) for mutual fund transactions over Rs.50,000.

SEBI has also postponed its decision of quoting PAN for investing in mutual fund irrespective of the mount from July to December, 2007.

However, the latest decision may make things convenient for investors as well as authorities as it will avoid in duplication of similar information and also save from hassles of maintaining too many cards.

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