Mandatory requirement of Permanent Account Number (PAN) –Issues and clarifications (III)

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....ived from Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs), SEBI vide para No.4.3 of the circular dated July 20, 2006 enabled such NRIs/PIOs who are not able to obtain PAN for one reason or the other but are holding securities in physical form and desire to sell the same, to open a "limited purpose BO account" without PAN, subject to certain conditions specified therein. The same was also exte nded for trading in cash market for such NRIs/PIOs vide circular dated September 26, 2006. Further, SEBI had also taken up the matter with CBDT vide letter dated July 31, 2006 requesting CBDT to address the concerns of NRIs in this regard. 3. The Directorate of Income Tax (Systems) vide PAN Circular No. 4 dated October 11, 2006 has now iss....

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....cable/necessary; and 5.4 Communicate to SEBI the status of the implementation of the provisions of this circular in the Monthly Development Report. 6. The Stock Exchanges are advised to : 6.1 Make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately; 6.2 Bring the provisions of this circular to the notice of the member brokers/clearing members of the Exchange and also to disseminate the same on the website; and 6.3 Communicate to SEBI, the status of the implementation of the provisions of this circular in Section II, item no. 13 of the Monthly Development Report. 7. This circular is being issued in exercise of the powers conferred by Section 11 (1) of Securities ....