Mandatory PAN requirement clarifications: exemptions, limited-purpose BO accounts for NRIs, UN exemptions, and DP verification duties. The circular requires production of the Permanent Account Number (PAN) for opening Beneficiary Owner (BO) accounts, allows SEBI-registered entities to open accounts without immediate PAN provided the PAN card is submitted within thirty days or accounts are frozen as 'Suspended for Debit,' permits PAN allotment letters in lieu of PAN cards pending production by a compliance date, creates restricted 'limited purpose BO accounts' for NRIs/PIOs unable to obtain PAN with constrained credits and sale conditions, exempts tax-exempt U.N./multilateral entities and Sikkim residents subject to documentary proof, and directs DPs and depositories to verify documents, amend bylaws, collect proof of address, and report implementation.
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Provisions expressly mentioned in the judgment/order text.
Mandatory PAN requirement clarifications: exemptions, limited-purpose BO accounts for NRIs, UN exemptions, and DP verification duties.
The circular requires production of the Permanent Account Number (PAN) for opening Beneficiary Owner (BO) accounts, allows SEBI-registered entities to open accounts without immediate PAN provided the PAN card is submitted within thirty days or accounts are frozen as "Suspended for Debit," permits PAN allotment letters in lieu of PAN cards pending production by a compliance date, creates restricted "limited purpose BO accounts" for NRIs/PIOs unable to obtain PAN with constrained credits and sale conditions, exempts tax-exempt U.N./multilateral entities and Sikkim residents subject to documentary proof, and directs DPs and depositories to verify documents, amend bylaws, collect proof of address, and report implementation.
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