Sebi exempts certain investors from mandatory PAN condition

The Securities and Exchange Board of India (SEBI) has exempted certain categories of investors from mandatory requirement of Permanent Account Number (PAN) for transacting in the securities market. The market regulator has said that PAN may not be insisted in the case of central government, state government and the officials appointed by the courts like official liquidator, court receiver etc for transacting in the securities market.

However, SEBI has said that intermediaries should provide sufficient documentary evidence in support of their claim for such an exemption. SEBI has advised stock exchanges and depositories to make necessary amendments to the relevant rules for the implementation of the above decision. Stock exchanges and depositories have been asked to inform member brokers and depository participants to put up the information on their website.