Religare Mutual Funds has announced that Systematic investment plan (SIP) up to Rs 50000 exempted from Permanent Account Number (PAN) requirement. In accordance with Association of Mutual Fund in India (Amfi) letter dates 14 July 2009 specifying guidelines for uniform implementation of Securities and Exchange Board of India (Sebi) letter dated 19 June 2009 on exemption of PAN for SIPs up to Rs 50000 per year per investor.
Exemption for Micro SIPs from the requirements of PAN: Micro SIPs registered with the mutual fund shall be exempt from the requirements of PAN subject to following terms and conditions:
Micro SIPs means Systematic Investment Plans (SIPs) where aggregate of installments in a rolling 12 months period or in a financial year i.e. April to March does not exceed Rs 50000.
The exemption will not be applicable to normal purchase transaction up to Rs 50000 which will continue to be subject to PAN requirement.
The exemption will be applicable only to investments by individuals, minors and sole proprietary firms. HUFs and other categories of investors will not be eligible for Micro SIPs.
Exemption for Micro SIPs from the requirements of PAN: Micro SIPs registered with the mutual fund shall be exempt from the requirements of PAN subject to following terms and conditions:
Micro SIPs means Systematic Investment Plans (SIPs) where aggregate of installments in a rolling 12 months period or in a financial year i.e. April to March does not exceed Rs 50000.
The exemption will not be applicable to normal purchase transaction up to Rs 50000 which will continue to be subject to PAN requirement.
The exemption will be applicable only to investments by individuals, minors and sole proprietary firms. HUFs and other categories of investors will not be eligible for Micro SIPs.
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