SEBI instructs merchant bankers not to press for PAN card copy along with IPO applications

PFW Bureau / March 14

SEBI has instructed merchant bankers to ensure that all collection agents, centers, syndicate and sub-syndicate members engaged in collecting application forms do not refuse to accept applications in the absence of photocopy of PAN card.

The regulator said in a statement it has been clarified to all the 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, the present SEBI (DIP) Guidelines only require the PAN number to be quoted in the application forms irrespective of the size of the application.