Deadline extended for PAN-Aadhaar link by three months: Mediators’ appeal to Sebi

With the deadline to associate a permanent account number (PAN) with Aadhaar nearing expiration, an industry body representing local brokerages has asked the market regulator for another three-month extension.

According to brokers and mutual money transfer agents, millions of demat accounts as well as mutual fund (MF) notes have not yet linked PAN and Aadhaar.

The Securities and Exchange Board of India (SEBI) has warned against suspending operations on all these accounts. The warning comes after the deadline was extended. As of April 1, 2022, accounts where the Pan-Aadhaar transplant has not been performed will not be able to carry out any transaction. Furthermore, these accounts can also track penalties under the Income Tax Act.

The Association of National Exchange Members of India (Amni) has indicated technical glitches in Market Infrastructure Institutions (MIIs) for extension.

The lobby said that the process of planting the seeds in Pan-Adar for several investors had gone wrong. The data was correctly captured by one exchange, while another exchange shows the status as “unclassified” for the same accounts, she said. “This will lead to a lot of confusion as a large number of investors will be wrongly banned due to the fault of an exchange,” she said in a letter. Anmi said the extension will help reconcile all the data and benefit a lot of investors.

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