Pan card to be mandatory for MF from Jan 1

The finance ministry instructed AMFI, a trade body of Indian asset management companies, that every investment made into a fund will compulsorily have to be accompanied by a valid PAN card from Jan. 01, 2008, reports Economic Times.

For the last few months even proof of having applied for a PAN card was sufficient for investing in mutual funds.

The ministry said that unlike what happened in mid-2007, there would be no relaxation in the deadline. In July 2007, SEBI had relaxed the deadline for compulsory PAN cards for MF investments from July 2007 to Jan. 01, 2008.