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:   
|
|
|
|
|
|
|
|

Read More

Former CJI Kapadia joins BSE

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

Quick Links

 

Market News

Sensex, Nifty end at record closing highs; bank shares rally

The 30-share Sensex surged 267 points to end at 28,335 and the 50-share Nifty gained 75 points to close at 8,477.

Indices end at record closing high; Nifty eyes 8,500

The Sensex and the Nifty hit all time high of 28,361 mark and 8,490 levels, respectively

Essar Oil extends fall as Sebi revamps delisting norms

The stock slipped below its floor price of Rs 108.18 fixed for the proposed delisting offer.

ICICI Bank fixes record date for stock split; stock hits new high

The bank has fixed December 5 as the record date for its proposed stock split.

Titagarh Wagons, Texmaco Rail gain on orders win report

Titagarh Wagons surged 6% to Rs 317, while Texmaco Rail & Engineers up 3% at Rs 120 on BSE.

Back to Top