PAN-Aadhaar link: Capital Markets regulator SEBI has made the linking of Aadhaar card with PAN card mandatory. SEBI asked all investors to link their Aadhaar card to PAN card before March 31, 2023. The PAN-Aadhaar link is important for smooth transaction in the stock market.
If the investors would fail to link the documents, then it would be considered non-KYC compliant. It would be difficult for the investors to invest in the market untill the linkage of Aadhaar-PAN card.
The Central Board of Direct Taxes (CBDT) has issued a circular in March 2022, whereby the PAN allotted to a person would be deactivated if it is not linked with Aadhaar by March 31, 2023, and would be liable to all the consequences under the Income-tax Act, 1961, for not furnishing, intimating or quoting the PAN.
“Since PAN is the key identification number and part of KYC requirements for all transactions in the securities market, all Sebi registered entities and Market Infrastructure Institutions (MIIs) are required to ensure valid KYC for all investors
“All existing investors are required to ensure linking of their PAN with Aadhaar number prior to March 31, 2023, for continual and smooth transactions in the securities market and to avoid consequences of non-compliance with the said CBDT circular,” the Securities and Exchange Board of India (SEBI) said.
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PAN-Aadhaar link; steps as follows
- Find the new e-filing portal 2.0.
- Now, select the ‘Our Services’ tab.
- Choose the ‘Link Aadhaar’ option.
- Fill out all of your information on the new page.
- Fill in your PAN, Aadhaar Number, Aadhaar Name, and Mobile Number.
- Tick the box that says “I agree to validate my Aadhaar details.”
- Enter the 6-digit OTP sent to your registered mobile number.
- Enter the OTP and press the ‘Validate’ button.
- After clicking, a message appears informing you that your link PAN with the Aadhaar request has been submitted.
- SMS is used to connect PAN to Aadhaar.
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