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Journalism of Courage
As per the budget proposal of using PAN as the sole identification number in the securities market with an alpha-numeric prefix or suffix. Association of Mutual Funds in India has withdrawn MIN from today. For investors who had already filed documents under 8216;know your customers8217; KYC and acquired a MIN will no longer need it. Their PAN will now suffice. MIN was brought in place to comply with KYC under Prevention of Money Laundering Act PMLA. For new investors, the current system of providing the documents and information with Points of Service of CDSL Ventures will continue. But AMFI has declined the idea of prefixing an alphanumeric code to PAN. Says A P Kurien, Chairman, AMFI, 8220;only once the KYC norms have been met will we accept this proposal. However we8217;re not going to make PAN alpha numeric.8221;
