New Delhi, June 30, 2017
Markets regulator Sebi today said electronic PAN card issued by CBDT to foreign portfolio investors will be accepted for KYC purpose.
CBDT, in April, introduced a facility of providing electronic Permanent Account Number (PAN), which is sent by email to all applicants, including individual. “It is clarified that e-PAN issued by CBDT can also be produced by FPI for KYC compliance,” the Securities and Exchange Board of India (Sebi) said in a circular. In a major revamp, Sebi in 2014 had released norms that had clubbed different categories of foreign investors into a new class called FPIs. Under the regime, FPIs have been divided into three categories as per their risk profile and the KYC (know your client) requirements, while other registration procedures have been made simpler for them. The norms were issued to rationalise various foreign portfolio investment routes and simplify the procedures to attract more foreign funds.
[The Financial Express]