Jan 01, 2017

Review of the Requirement of PAN Card to Open Accounts for Foreign Portfolio Investors

To ease the process of verification of the permanent account number (‘PAN’) of FPIs, SEBI by way of its notification dated November 17, 2016, decided that intermediaries may verify the PAN of FPIs online, using the website authorized by the Income Tax Department at the time of account opening for FPIs. Subsequently, a FPI would have a period of 60 days from the earlier of date of (i) the account opening, or (ii) remittance of funds out of India, to provide a copy of its PAN card to the intermediaries.




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