The Bombay Stock Exchange (BSE) on June 30, 2023, issued an update regarding the Linking of PAN with Aadhaar.
The following has been stated namely: -
• The impact in case the PAN of the client is not linked with Aadhaar has been stated in notification/circular No. 7 of 2022 dated March 30, 2022. The copy of the same is attached to the notification.
• Such PAN shall be ‘inoperative’ with effect from July 01, 2023.
• Such PAN would be considered non-KYC compliant in AMC’s/RTA’s records
• There could be restrictions on financial and non-financial transactions in Mutual Funds until the PAN and Aadhaar are linked.
• In the case of IDCW payments, higher TDS will be deducted as appropriate, and the payments will be withheld.
• Existing systematic registrations (SIP/XSIP/ISIP/STP/SWP) will get rejected by RTAs
The linking of PAN with Aadhaar for their clients with must be completed with immediate effect to avoid transaction rejections from the RTAs end.
[Notification No. 20230630-53]
