Intermediaries may verify PAN of clients online: Sebi

Market regulator, the securities Exchange Board of India on Friday said that the intermediaries may verify the PAN of their clients online at the Income Tax website without insisting on the original PAN card.

This can only be done if the client has presented a document for Proof of Identity other than the PAN card.

The step was taken with a view to bring about operational flexibility and in order to ease the PAN verification process.

Intermediaries include all recognized stock exchanges, depository participants, mutual funds, portfolio managers, KYC Registration Agencies, Collective Investment Schemes and Alternative Investment Funds.

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