BSE had extended the deadlines for all the new mutual fund’s investors, in order to ensure compliance with anti-money laundering rules. Leading stock exchange BSE informed the investors about the extended deadline to submit PAN and Aadhaar card till April 1, 2018. If the new investors fail to do so then their folios would be closed, stated BSE officials.
BSE also stated that now April 1, 2018, will be the effectual date for compulsory submission of PAN and Aadhaar number with other obligatory documents when you want to open new folio or account. Earlier, the deadline given was until February 15, 2018. From now onwards, no new folio account will be opened without the PAN cards and Aadhaar Card along with other effective documents.
All the new mutual fund investors, who tried to open accounts on or from February 15, will have to submit PAN and Aadhaar at the time of opening of such folios.
Basically, one person can hold multiple accounts, so folios are designed that represents the numbers designated to individual investor accounts. If you already own a mutual fund (MF) folios then you will have to submit the accurate details of your Adhaar Card and PAN Card until April 1, 2018.
As it is known that BSE runs mutual fund distribution platform BSE StAR MF, so it is authorized to make such essential moves ensure compliance with anti-money laundering rules. It is believed that this move follows the government’s amendment of the Prevention of Money Laundering Rules with regard to the collection of Aadhaar from clients, in June.
The leading exchange, BSE had asked its brokers to submit details about preparedness for furnishing Aadhaar details of their clients by the end of October. This was done to ensure compliance with anti-money laundering rules as well.