No PAN for SIP of Rs 50k
Mumbai: Concerned over the falling growth in the mutual fund industry, the government on Wednesday gave in-principle nod to allow up to Rs 50,000 investments under SIP without quoting PAN card number. The Association of Mutual Funds in India (AMFI) has received permission from the government to exempt pan card requirement for such investments and the notification in this regard is expected soon, AMFI chairman A P Kurian said on the sidelines of a mutual fund seminar here. "It is a good thing (making PAN card not mandatory for SIP investments up to Rs 50,000) and it will help the industry to grow," Kurian said. In 2007, market regulator Securities and Exchange Board of India (Sebi) had made it compulsory for all resident and non-resident Indians to submit a copy of their PAN cards while investing in securities. Mandatory submission of PAN had caused hardships for many small investors to invest in mutual fund schemes, thus impacting the panindia penetration of MF products. AMFI had asked Sebi to re-consider the decision of having a PAN card compulsorily for investments in MFs arguing that it may discourage many investors from opting MFschemes. PTI --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
