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New mutual fund investors get time till April 1 to submit PAN, Aadhaar: BSE

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Press Trust of India  |  New Delhi 

Sensex, BSE, Stock exchange

To ensure compliance with anti-money laundering rules, leading stock exchange on Thursday extended the deadline for new investors to submit PAN and till April 1, 2018, failing which their folios would be closed.

"The effective date for mandatory submission of PAN and number with requisite documents at the time of opening new folio or account, will now be April 1, 2018 instead of February 15, 2018.

"Accordingly, no new folio account will be opened without the said documents effective April 1, 2018," said in a statement.

For new accounts opened from February 15, investors were required to submit PAN and at the time of opening of such folios.

Folios are numbers designated to individual investor accounts, though one investor can have multiple accounts.

In case of the existing (MF) folios and for accounts opened thereafter up to February 14, investors need to submit such information by March-end this year.

runs distribution platform StAR MF.

The move follows the government's amendment of the Prevention of Money Laundering (Maintenance of Records) Rules with regard to collection of from clients, in June.

In October, the exchange had asked its brokers to submit details about preparedness for furnishing details of their clients by month-end in order to ensure compliance with anti-money laundering rules.

In compliance with the PML norms, banks have already sought details from customers.

First Published: Thu, February 15 2018. 17:04 IST
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