AMCs to freeze non-PAN card MF portfolios from April 2023, says AMFI

Restrictions on redemptions from such accounts is already in place since 2019

From April 2023, investors will not be able to invest in mutual fund folios that are not linked to their PAN card, the Association of Mutual Funds in India (Amfi) has said in a notification.

"No investments (systematic or lumpsum) shall be permitted in such folios wherein PAN or PAN exempt KYC reference number (PEKRN) are not available. Dividend pay-out by MF schemes to such folios shall also be disallowed," Amfi has said.

The industry body has asked investors to link such MF accounts with their PAN or PEKRN by March 31, 2023.

Restrictions on redemptions from such transactions are