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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>PAN Required for All Securities Transactions from July 2007 to Boost KYC and Audit Trail Compliance.</h1> The circular mandates the use of the Permanent Account Number (PAN) as the sole identification number for all transactions in the securities market, effective from July 2, 2007. This initiative aims to enhance Know Your Client (KYC) norms and ensure a robust audit trail. Intermediaries are instructed to integrate PAN into their client databases and verify PAN details with the Income Tax Department. Stock exchanges and depositories must develop infrastructure to facilitate PAN-based queries and amend relevant regulations. The circular is issued under the authority of the Securities and Exchange Board of India Act, 1992, and the Depositories Act, 1996.
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