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Sebi allows electronic verification of PAN for QFIs

Jan 05 2013, 00:47 IST
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SummaryWith this, there is no need to produce original PAN card.

A year after the government allowed Qualified Foreign Investors (QFI) to directly invest in Indian equities, the market regulator has offered some flexibility to ease the investment procedure for QFIs.

Sebi has now allowed electronic verification of PAN card at the Income Tax website for opening account with a custodian. With this, there is no need to produce original PAN card.

As of now, QFIs are required to first apply for a PAN.

They then have to wait for three weeks, get the original PAN card, and show it to the custodian to enable him open an account.

Experts, however, say that this alone won’t work and there needs to be clarity on the tax filing of QFIs.

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