Thursday, March 9, 2023

Link your PAN to Aadhaar by March 31: The Sebi government incorporates

 Delhi, India: On Wednesday, the regulator of the capital markets, Sebi, urged all investors to link their Permanent Account Number (PAN) with their Aadhaar number by the end of March to ensure that the securities market continues to operate smoothly. Sebi stated that non-compliance with this would be considered non-KYC compliant, and securities and other transactions might be restricted until the PAN and Aadhaar are linked.

In March 2022, the Central Board of Direct Taxes (CBDT) issued a circular stating that if a person's PAN is not linked to Aadhaar by March 31, 2023, they will be subject to all of the penalties outlined in the Income Tax Act of 1961 for failing to provide, notify, or quote the PAN.

"All Sebi registered entities and market infrastructure institutions (MIIs) are required to ensure valid KYC for all participants," Sebi stated. "Since PAN is the key identification number and part of KYC requirements for all transactions in securities market," Sebi added.

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