Merchant Bankers should not demand for photocopy of PAN card

SEBI PRESS RELEASE

PR No.88/2008

SEBI instructs Merchant Bankers not to demand for photocopy of PAN card along with Public Issue applications



It has been clarified to all registered Merchant Bankers that, the practice of requiring public issue applicants to attach photocopies of PAN cards with the application form has not been mandated by SEBI and that the present SEBI (DIP) Guidelines only require the PAN number to be quoted in the application forms, irrespective of the size of the application.



SEBI has instructed Merchant Bankers to ensure that all collection agents/ centers /syndicate/ sub syndicate members etc., engaged in collecting application forms do not refuse to accept applications in the absence of photocopy of PAN card.