Securities and Exchange Board of India (Sebi), on Tuesday, issued a clarification to merchant bankers that they should not demand for PAN card copy along with public issue share applications henceforth.

The market regulator has stated that the practice of merchant bankers’ asking public issue applicants to attach photocopies of PAN cards with the application form has not been mandated by Sebi. Further, Sebi pointed out that its present Sebi (DIP) Guidelines only require the PAN number to be quoted in the application forms, irrespective of the size of the application. It has now instructed merchant bankers to ensure that all collection agents or centres engaged in collecting application forms do not refuse to accept applications in the absence of photocopy of PAN card.

Sebi has also asked the merchant bankers to respond to any complaints regarding an offer document directly after independently examining the matter, instead of the issuer company coming out with explanations. If needed merchant bankers should provide adequate information.