Business Standard

Sebi allows market entities to verify PAN of QFI via I-T website

Related News

The Securities and Exchange Board of India (Sebi) on Friday allowed market entities to verify the permanent account number (PAN) of qualified foreign investors (QFIs) through the Income Tax (I-T) department’s website, as against the current practice of asking for their original PAN card.

The move will ease the process of obtaining PAN card details from QFIs but they will have to give on alternative identity proof.

A investor is an individual, group or association resident in a foreign country that is compliant with the Financial Action Task Force standards. QFIs do not include foreign institutional investors (FIIs) / sub-accounts.

“With a view to bring about operational flexibility and in order to ease the PAN verification process, the intermediaries may verify the PAN of their clients online at the income tax website without insisting on the original PAN card, provided that the client has presented a document for proof of identity other than the PAN card,” said in a circular.

Individual foreign investors and trusts that invest directly in the capital markets need to acquire a PAN, a mandatory requirement for all tax payers.

The circular has been sent to stock brokers, depository participants, mutual funds, portfolio managers, registration agencies, alternative investment funds and collective investment schemes, among others.

Read more on:   
|
|
|
|
|
|
|
|

Sebi allows market entities to verify PAN of QFI via I-T website

The Securities and Exchange Board of India (Sebi) on Friday allowed market entities to verify the permanent account number (PAN) of qualified foreign investors (QFIs) through the Income Tax (I-T) department’s website, as against the current practice of asking for their original PAN card.

The Securities and Exchange Board of India (Sebi) on Friday allowed market entities to verify the permanent account number (PAN) of qualified foreign investors (QFIs) through the Income Tax (I-T) department’s website, as against the current practice of asking for their original PAN card.

The move will ease the process of obtaining PAN card details from QFIs but they will have to give on alternative identity proof.

A investor is an individual, group or association resident in a foreign country that is compliant with the Financial Action Task Force standards. QFIs do not include foreign institutional investors (FIIs) / sub-accounts.

“With a view to bring about operational flexibility and in order to ease the PAN verification process, the intermediaries may verify the PAN of their clients online at the income tax website without insisting on the original PAN card, provided that the client has presented a document for proof of identity other than the PAN card,” said in a circular.

Individual foreign investors and trusts that invest directly in the capital markets need to acquire a PAN, a mandatory requirement for all tax payers.

The circular has been sent to stock brokers, depository participants, mutual funds, portfolio managers, registration agencies, alternative investment funds and collective investment schemes, among others.

image

Read More

Former CJI Kapadia joins BSE

Nominated to post by Sebi, takes over as public interest director

Recommended for you

Quick Links

Market News

Nickel rises by 0.1% on Asian cues

Traders strengthened positions amid a firming Asian cues

Oil prices rise further in Asia

Expectations of a decline in US crude inventories and robust economic data from the eurozone helped prices

Markets remain rangebound; HUL up over 2%, Hindalco dips 1%

Investors are optimistic about a possible solution between Greece and its international creditors to avert a debt crisis

Pharma shares in focus; Aurobindo Pharma hits new high

JB Chemicals, Alembic Pharma, Aurobindo Pharma, Ipca Laboratories and Dishman Pharma were up 3%-11% each.

Infinite Computer gains on board approval for share buyback proposal

The stock spurted 5% at Rs 171 after the board approved the buyback of shares at a maximum price of Rs 220 per share from the open market ...

 

Back to Top