ANMI urges government to grant six months extension for PAN-Aadhaar linking
Mar 29, 2022
Mumbai (Maharashtra) [India], March 29 : The Association of National Exchanges Members of India (ANMI) on Tuesday urged the government to extend the timeline for seeding Permanent Account Number (PAN) with Aadhaar, which ends on March 31, by another six months.
In a letter to the Securities and Exchange Board of India (SEBI), ANMI requested the market regulator not to suspend accounts of those investors whose PAN is not linked with Aadhaar.
As per the Central Board of Direct Taxes (CBDT) notification dated September 17, 2021, if the PAN is not linked to Aadhaar by March 31, 2022, the PAN of such persons shall become inoperative immediately after the said date.
In a letter addressed to SEBI's whole-time member Ananta Barua, ANMI noted that as per the Exchange and Depository circulars on Aadhar seeding with PAN, in case the PAN is not seeded with Aadhaar before the date specified by the Government, it will not be considered as a valid PAN.
Accordingly, with effect from the said date in case PAN and Aadhar are not linked, new as well as existing clients of intermediaries will not be able to place fresh trade or square off existing positions, and also their Demat accounts will have to be suspended.
"Please note that the PAN-Aadhaar linking is an ongoing activity and the intermediaries have kept the clients informed on the necessity and importance to complete the linking. However, you would understand that this is a client-dependent activity and the client is required to independently complete the linking on the Income Tax website," ANMI said.
