Mumbai, Sept 2: The market regulator Securities and Exchange Board of India (SEBI) has advised investors to link PAN with Aadhaar before September 30 for continual and smooth transactions in the securities market.
As per the Central Board of Direct Taxes (CBDT) notification on February 13, the Permanent Account Number (PAN) of a person allotted as of July 1, 2017, will become inoperative if it is not linked with Aadhaar by September 30, 2021, SEBI said in a press release.
SEBI stated that since PAN is the sole identification number for all transactions in the securities market, all SEBI registered entities, including Market Infrastructure Institutions (MIIs), should ensure compliance with the CBDT notification, and accept only operative PAN (i.e., linked with Aadhaar number) by the client, while opening new accounts after September 30.
As per Section 139AA of the Income Tax Act, 1961, it is mandatory for every person to quote the Aadhaar number in their income tax return and the application for the allotment of PAN, provided they are eligible for Aadhaar.
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