PAN Card Regulation Modified: To the great satisfaction of these investors, SEBI modified the PAN card regulations

 PAN Card Regulation Modified: To the great satisfaction of these investors, SEBI modified the PAN card regulations

PAN Card Regulation Modified: To the great satisfaction of these investors, SEBI modified the PAN card regulations

According to a statement made by SEBI, registration and "Share Transfer Agents" (RTAs) in "folios" where any of these papers will not be accessible on or after October 1, 2023, must be discontinued.

The stock market regulator, the stocks and Exchange Board of India (SEBI), has streamlined the regulations for individuals who own stocks on paper. This eliminates the need that stocks be sold without a PAN, KYC (Know Your Customer) information, and "nomination." The aim of this program, according to a circular from SEBI, is to make the regulations simpler. This measure will be implemented immediately. After consulting with investors and the Registrar Association of India, this conclusion was made.

It was required by law for everyone possessing physical securities in listed businesses to sign for PAN, nomination, contact information, bank account information, and the corresponding "folio" number. Registration and "share transfer agents" (RTAs) must cease to be issued for "folios" in which any of these papers would not be accessible on or after October 1, 2023, according to a May statement from SEBI. SEBI said that the phrase "freeze" has been eliminated from the circular that the agency released in May.

What SEBI stated: "Based on the Registrar Association of India's report, investor suggestions, as well as the ban on shares under the Benami Transactions (Prohibition) Act, 1988 and/or Anti-Money Laundering Act and related matters," according to SEBI. It has been decided to eliminate the aforementioned clause in order to lessen administrative obstacles.