The market regulator SEBI on Monday made a change in compliance rules by members of the exchanges linked to commodity derivatives to collect and maintain PAN of their customers. Along with this, measures have been taken to promote the use of e-PAN.
New Delhi: Market regulator SEBI (SEBI) on Monday made a change in compliance rules by members of the exchange linked commodity derivatives to take and maintain PAN of their customers. Along with this, measures have been taken to promote the use of e-PAN. The instant PAN facility was announced in the Union Budget 2020. After that the Income Tax Department has introduced the e-PAN facility. This can be achieved immediately through Biometric Verification System (Aadhaar) based e-KYC.
The Securities and Exchange Board of India (SEBI) has changed the provisions related to the specific customer code (UCC) and mandatory requirement of PAN. The regulator said that it would be mandatory for members of exchanges with commodity derivatives to use UCC for all their customers who deal in the commodity derivatives segment. With this, members of the exchange will not be allowed to do business without ‘uploading’ the details of UCC.
In case of e-PAN, verify from the website,
For this, the members will be required to obtain the PAN after necessary verification and keep it in the record of their office. However, in case of e-PAN, the members have to verify the e-PAN on the website of the Income Tax Department and keep a ‘soft copy’ of the PAN in their records. The provisions of the circular will come into effect from April 1, 2021.
How to make e-PAN-
1.E-filing website of Income Tax Department www.incometaxindiaefiling.gov.in. Go to
2.Now go to the ‘Quick Links’ section on the home page and click on ‘Instant PAN through Aadhaar’.
3.After this, click on the link of ‘Get New PAN’.
4.This will take you to the Instant Pan Request webpage>
5.Now confirm by entering your Aadhaar number and captcha code.
6.Now click on ‘Generate Aadhar OTP’. You will receive an OTP on the registered mobile number.
7.Enter OTP in the text box and click on ‘Validate Aadhaar OTP’. After this, click on the ‘Continue’ button.
8.Now you will be redirected to the PAN request submission page, here you will have toconfirm your Aadhaar details and accept the terms and conditions.
9.After this, click on ‘Submit PAN Request’ /
10.Now an enrollment number will be generated after this.
For this, you will have to go to the ‘Quick Links’ section on the homepage of the e-filing website of the Income Tax Department and click on ‘Instant PAN through Aadhaar’. After this, you click on the ‘Check Status / Download PAN’ button here. Here you can check the status of your PAN card by entering the Aadhaar number and captcha code. Also you will be able to download your PAN card from here.
SEBI?
SEBI is a statutory body under the Government of India whose main job is to regulate the capital market of India. Just as RBI (Reserve Bank of India) regulates banks, in the same way SEBI regulates the stock market.
