The Securities and Exchange Board of India (Sebi) on Tuesday extended the deadline for the mandatory PAN (Permanent Account Number) requirement for all new investments in mutual funds to take effect, by another six months to December-end this year.
However, Sebi has insisted that investors making new investments in MFs should produce proof that they have applied for PAN. But for the extension accorded by Sebi, the mandatory PAN requirement, for MF investments was to have come into effect from next Monday, July 2, 2007.
In addition, Sebi has exempted investors participating in micro-pension schemes from the PAN requirement. "The whole idea is the investors, with no PAN identity, should apply immediately," said A P Kurian, Chairman, Association of Mutual Funds in India here.