Sebi direction to merchant bankers on pan card copy

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mumbai, Mar 11 (UNI) Securities and exchange Board of India (SEBI) has instructed Merchant Bankers not to demand for photocopy of PAN card along with Public Issue applications.

SEBI, in a press release here, said that it had been clarified to all registered Merchant Bankers that the practice of requiring public issue applicants to attach photocopies of PAN cards with the application form had not been mandated by SEBI and that the present SEBI (DIP) Guidelines only requires the PAN number to be quoted in the application forms, irrespective of the size of the application.

SEBI has instructed Merchant Bankers to ensure that all collection agents/ centres /syndicate/ sub syndicate members etc., engaged in collecting application forms, do not refuse to accept applications in the absence of photocopy of PAN card.

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