Review of requirement for copy of PAN Card to open accounts of FPIs
Summary
SEBI permits intermediaries to verify FPI PANs online via the Income Tax department's authorized website during account opening. FPIs are required to submit a physical copy of their PAN card within 60 days of account opening or before remitting funds, whichever occurs first. This circular amends previous requirements to ease the verification process while ensuring regulatory compliance.
Text
intermediaries can verify the PAN of FPIs online from website authorised by Income Tax department at the time of account-opening for FPIs
FPIs need to provide the copy of PAN card within 60 days of account-opening or before remitting funds out of India, whichever is earlier to their intermediaries
The DDPs/Custodians are requested to bring the contents of this circular to the notice of their FPI clients
Source: SecMarx — Review of requirement for copy of PAN Card to open accounts of FPIs. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.