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of <h1>Investors in Sikkim exempt from providing PAN for mutual fund investments; mutual funds must verify residency claims.</h1> The circular, dated April 3, 2008, addresses the exemption of investors residing in Sikkim from the mandatory requirement of providing a Permanent Account Number (PAN) for investments in mutual funds. This decision follows previous exemptions for Sikkim residents regarding Beneficial Owner accounts and cash market trading. Mutual funds must verify the residency claims of Sikkim investors through adequate documentation and comply with 'Know Your Client' norms. This directive is issued under the authority of the Securities and Exchange Board of India Act, 1992, to safeguard investor interests and enhance market regulation.
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