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Notices
Notice No20060927-21Notice Date27 Sep 2006
CategorySegmentGeneral
SubjectMandatory Requirement of Permanent Account Number (PAN) for transactions in Cash Segment – Issues & Clarifications
Content

To

 

All Trading Members,

 

Attention of the trading members is drawn to SEBI Circular No. MRD/DoP/SE/Cir-8/2006 dated July 13, 2006 and Exchange Notice No. 20060713-19 dated July 13, 2006 on the captioned subject wherein PAN was mandatory for Cash Segment with effect from October 1, 2006.

 

In the light of the practical difficulties expressed by various market participants in adhering to the deadline of September 30, 2006, SEBI vide Circular No. MRD/DoP/Dep/SE/Cir-13/06 dated September 26, 2006 has extended the date of implementation of the requirement of mandatory PAN for Cash Segment to December 31, 2006 as a one time measure.

 

Further, the clarifications as contained in Paras 4.2 to 4.9 of SEBI Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006 have also been made applicable to trading in the cash market. A copy of the said circulars is enclosed herewith for reference of the trading members.

 

In order to enable the trading members to comply with the above requirements, Exchange has been downloading the details of Unique Client Code (UCC) where PAN is not uploaded from time to time. A latest list of UCC’s registered with the Exchange, where PAN of the clients are not available has been downloaded with the name UCCWITHOUTPAN5.XXXX, where XXXX is clearing number of the trading member.

 

Further, the Exchange, is now also downloading a file named NPddmmyy on a daily basis which contains the details of client codes where trades have been executed during the day, however, the PAN details of such clients are not uploaded to the Exchange or the Client code itself is not registered in the UCC database. The above files are available in the ALLDATA option of Dload32.

  

Trading members are once again advised to strictly comply with the following by December 31, 2006 taking into consideration the clarifications offered by SEBI, vide their circular dated September 26, 2006.

 

  1. Collect copies of PAN cards issued to their existing as well as new clients by the Income Tax Department and maintain the same in their record after verifying with the original. 
  2. Cross-check the aforesaid details collected from their clients with the details on the website of the Income Tax Department i.e. http://incometaxindiaefiling.gov.in/challan/enterpanforchallan.jsp.
  3. Upload the PAN so collected and verified to the Exchange as part of the Unique Client Code details.

 

Trading Members should note that the aforesaid requirement is to be complied with for all their clients irrespective of whether client is presently registered in the UCC database or not, to enable these clients to trade after December 31, 2006.

 

Further, trading members may note that with effect from January 1, 2007 they should place orders in the cash market on behalf of their clients only if the PAN details of such clients has been collected, cross checked with the details on the website of the Income Tax Department and uploaded to the Exchange as part of the Unique Client Code details of the respective clients.

 

For any further assistance / clarification in the matter, trading members may contact any of the following Exchange officials on 022 - 22721233 / 22721234 -

 

Sr.

Name

Extension No.

1.

Nitesh Agarwal

8354

2.

Yogesh Bambardekar

8286

3.

K. Mohanan (For Technical Queries)

8416

 

 

 

 

Pankaj Gupta                                                             Yogesh Bambardekar

Asst. General Manager                                             Manager

Surveillance & Supervision                                       Surveillance & Supervision

Attachments
SEBI Circular.zip