PAN as common ID for all mutual funds

Beginning February 2, the permanent account number (PAN) will serve as the common identification number for all mutual fund (MF) investments above Rs 50,000. This single number will work for all MFs — unlike today when each investor has to provide a separate number (folio number) issued by each of the 32 fund houses.

Along with PAN, investors would have to provide all documents required to service the funds’ know-your-customer (KYC) norms. They will receive an acknowledgement number from CDSL Ventures Ltd (CVL) and their PAN card number will act as the number that will be used as the common identification number, said the compliance officer of a mid-sized fund house. This is because the capital markets regulator, the Securities and Exchange Board of India (Sebi), has already issued guidelines according to which separate number cannot be issued.

At present, all mutual fund investors investing online are first required to fulfil the KYC norms with each individual fund house and issued folio numbers by them. This number is then used to invest with that fund house. “Once the investor has established his identity with a fund house through KYC, he can use his folio number to invest further with that house. But now we are trying something like issuing a common number that can be used by all fund houses for investment by an investor,” explained the chief executive of a large fund house. “It should be out anytime now,” he added.

Proceeding with the KYC formalities repeatedly with every fund house is a tedious process and to maintain 32 folio numbers for investing in the 32 fund houses is rather impractical. Once PAN is made the default number for investing in MFs, it will convenience direct mutual fund investors and allow them to invest on the same day’s NAV with any fund house. Currently, investments get delayed because of the cumbersome process of first getting the KYC done from the mutual fund’s office and then getting permission to invest. The entire process takes seven to 10 days.

Against this, distributors get the KYC process done immediately and the direct investor misses out not only on the immediacy of investment but has to pay 2.25-2.5 per cent to the distributor, irrespective of whether he routes the money through the distributor or not.

Armed with PAN and an acknowledgement number issued by the CVL, direct investors will now have a more trouble-free investment ambience.

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26 Comments »

prakash said,

February 8, 2008 @ 9:12 am

please inform the details for collect and view to my pan card qurreys
bn surya said,

March 31, 2008 @ 6:55 am

hi this surya how many days will take for my pan card
Dilip Kitawat said,

May 1, 2008 @ 12:45 am

I have an application who aldready has got a Pan Number(AECPA2675P) named Ahir Ratna Harish, but has lost the Pan Card. The problem is i cannot find the status or track on the site where i can view the details and remove a print so that i could appy for a duplicate. Pls help me resolve this problem.

Thanking You

Dilip Kitawat
Neelam said,

July 27, 2008 @ 12:05 pm

I haven,t yet started earning but need a PAN card foor joining. So can I leave the Office adress column blank?
Ritz PAN Services said,

September 7, 2008 @ 12:50 am

For all PAN related queries contact : pancard.tax@gmail.com

We help global Indians with all kinds of PAN issues like new PAN, correction in PAN, PAN reprinting if lost, name changes after marriage etc.
MAN said,

September 10, 2008 @ 7:14 pm

IS IT POSSIBLE TO VIEW MY ACCOUNT AND TAX PAY STATUS THRU INTERNET OR IN PAN OFFICE.
CAN ANYONE VIEW MY DETAILS THRU INTERNET OR IN PAN OFFICE
C.Balamurugan said,

September 25, 2008 @ 4:16 am

How to apply pan card in online and querry about pan card
C.Balamurugan said,

September 25, 2008 @ 4:18 am

How to apply PAN Card in my friend to online
varidelli venkatrao said,

November 7, 2008 @ 8:18 am

MY NAME IS VARIDELLI VENKATRAO, A RETIRED LECTURER AND I LOST MY P.A.N. CARD .HOW TO GET A NEW ONE FOR MY TRANSACTIONS ?
pramod kumar sharma said,

November 18, 2008 @ 5:29 pm

my pan card
surya prakash rai said,

November 26, 2008 @ 3:31 am

this is surya prakash rai how many days will take for my pan card…………….
PRASANNAJIT DAS said,

December 10, 2008 @ 9:26 am

THIS IS MY PAN.
RAVINDER MANDAL said,

December 15, 2008 @ 3:02 pm

Dear Sir/madam,

I am apply pancard . acknowledgment no. 032530300048422 & my name Ravinder Mandal is not received u r pan card. plz detail my dispatch date or status not received from u r office.

reminder male ( plz don’t ignore)

thankful you
SPSK said,

January 27, 2009 @ 3:02 pm

Mandal, you can check the status of your PAN application here:

https://tin.tin.nsdl.com/tan/StatusTrack.html
rameshwar lal srivastva said,

February 18, 2009 @ 1:59 pm

show detail
TIRUPATHIRAO said,

February 24, 2009 @ 6:16 pm

Dear sir /medam my name is tirupathrao i was lost my pan card but i have pan number get it from inter net which was taken from andhra pradesh , so how to take new card please inform me at present i was in abudhabi UAE
SIVA KUMAR MV said,

February 27, 2009 @ 12:04 pm

if the card is lost how can i receive new card
Anonymous said,

February 27, 2009 @ 1:05 pm

how to verify the existing card status
vishal kumar tiwari said,

April 16, 2009 @ 7:03 pm

hello
i am vishal kumar tiwari
i applied for pan card on 26/march/2009
i didn’t get my PAN number yet
what to do ?
RAKESH TANDON said,

April 29, 2009 @ 4:45 pm

MY WIFE WHO IS TOTALY A HOUSE WIFE WITH NO EARNING AT ALL …… WHY DOES AND WHAT FOR SHE REQURIRES A PAN CARD ? AND IN FUTURE IF SHE DOES NOT APPLY FOR WHAT MAY BE THE CONSEQUENCES SHE COULD COME ACCROSS ?
R TANDON said,

April 29, 2009 @ 4:47 pm

MY WIFE IS A HOUSE WIFE WITH NO SOURCE OF EARNING AT ALL ………. WHY AND WHAT FOR SHE REQUIRES A PAN CARD ? AND IN FUTURE IS SHE DOES NOT APPLY FOR ALSO WHAT PROBLEMS SHE MAY BE COMING ACROSS ?
D.K.Sanjay said,

June 1, 2009 @ 4:54 pm

I have lost my pan card and i need it urgently from where can i get the copy of my pan card
raju said,

June 16, 2009 @ 10:20 am

i am from nashik i lost my pan card
and also forgot my pan card number
how can i get my pan card number on internet
plz send me reply as possible as

Reagurds
Raju
Madhusudhan said,

August 3, 2009 @ 11:50 am

ssgsg
pramila devi said,

August 5, 2009 @ 1:53 pm

Dear sir/ madam
I am pramila devi
I am from jamshedpur I lost my pan card
and also forgot my pan card number
how can i get my pan card number on internet
plz send me and reply as soon as possible

thanks
RAJ KUMAR SHAMRA said,

March 20, 2010 @ 10:54 am

I HAVE MY PAN CARD NOT RECED PHOTO CARD NOT RECED

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PAN as common ID for all mutual funds

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26 Comments »

prakash said,

bn surya said,

Dilip Kitawat said,

Neelam said,

Ritz PAN Services said,

MAN said,

C.Balamurugan said,

C.Balamurugan said,

varidelli venkatrao said,

pramod kumar sharma said,

surya prakash rai said,

PRASANNAJIT DAS said,

RAVINDER MANDAL said,

SPSK said,

rameshwar lal srivastva said,

TIRUPATHIRAO said,

SIVA KUMAR MV said,

Anonymous said,

vishal kumar tiwari said,

RAKESH TANDON said,

R TANDON said,

D.K.Sanjay said,

raju said,

Madhusudhan said,

pramila devi said,

RAJ KUMAR SHAMRA said,

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