<h1>PAN as sole identifier: mandatory PAN-based KYC, cash transactions barred and demat delivery required in securities dealings.</h1> SEBI requires PAN as the sole identifier for securities market participants and mandates PAN submission for transfers; brokers are prohibited from accepting or giving cash for securities transactions and must transact payments via crossed cheques, demand drafts, electronic transfers or RBI permitted modes; securities delivery should be in dematerialised form to beneficiary accounts except under approved schemes.