Deadline for PAN card for MF investors extended to Dec

Market regulator SEBI has changed the rules again.

 

Now you don't need to possess a PAN card by the 2nd of July, if you want to invest in Mutual Funds. That deadline has been pushed to the end of December. But now, you must show that you have applied for a PAN card. But if you're applying for micro-pension, you don't even need to show that.

 

But the mutual fund industry feels the need for proof of application will dampen retail interest. 

 

AP Kurian, Chairman, AMFI says, "This would impact the momentum and interest of the common investors particularly the low income group and those who live in the tier two and tier three cities."

 

The mutual fund industry had been lobbying hard for a relaxation of the deadline, as it feared it would lose out heavily to ULIPs who have no such requirement. Moreover, with the industry trying hard to penetrate deeper into lower income groups, a mandatory pan would have been a deterrant.