Allow more time to link PAN with Aadhaar: Brokers to SEBI
Last year, CBDT had set a deadline of March 31, 2022 for linking PAN with Aadhar; failure to link would make PAN inoperative.
- Mar 29, 2022,
- Updated Mar 29, 2022 12:02 PM IST
The Association of National Exchanges Members of India (ANMI) has requested the capital markets regulator Securities and Exchange Board of India (SEBI) to allow more time to investors to link their PAN with Aadhaar.
In a letter written to SEBI whole time member Ananta Barua, ANMI has highlighted the fact that many investors are yet to link their PAN with Aadhaar and with the deadline - March 31 - announced by Central Board of Direct Taxes (CBDT) fast approaching, many investors will not be able trade in the markets.
"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," stated the AMNI letter.
"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 client is required to independently complete the linking on the Income Tax website," it added.
According to ANMI, there will be a huge impact of suspension of client accounts as a large number of clients across all intermediaries are yet to link their PAN to Aadhaar.
Hence, AMNI has requested SEBI to take up the matter with the government authorities. And, if in case the deadline cannot be extended, ANMI has requested SEBI to "delay the implications of not linking PAN with Aadhar and consequently defer the suspension of accounts for 6 months."
The Association of National Exchanges Members of India (ANMI) has requested the capital markets regulator Securities and Exchange Board of India (SEBI) to allow more time to investors to link their PAN with Aadhaar.
In a letter written to SEBI whole time member Ananta Barua, ANMI has highlighted the fact that many investors are yet to link their PAN with Aadhaar and with the deadline - March 31 - announced by Central Board of Direct Taxes (CBDT) fast approaching, many investors will not be able trade in the markets.
"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," stated the AMNI letter.
"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 client is required to independently complete the linking on the Income Tax website," it added.
According to ANMI, there will be a huge impact of suspension of client accounts as a large number of clients across all intermediaries are yet to link their PAN to Aadhaar.
Hence, AMNI has requested SEBI to take up the matter with the government authorities. And, if in case the deadline cannot be extended, ANMI has requested SEBI to "delay the implications of not linking PAN with Aadhar and consequently defer the suspension of accounts for 6 months."