‘PAN copy not needed for public offers’

Market regulator SEBI today said investors are not required to submit photocopies of their PAN cards in applications for public issues and quoting the PAN number would be sufficient. In a circular issued on Tuesday, Sebi said only PAN number must be quoted in the application form irrespective of the size of the application. It has been brought to Sebi’s notice that in several public issues, lead managers and others insist that investor attach photocopies of PAN cards with the application form.

“You (merchant bankers) are advised to ensure that all collection agents/ centres /syndicate/ sub syndicate members appointed for an issue and engaged in collecting application forms are made aware that they do not refuse to accept applications in the absence of photocopy of PAN card,” Sebi said. Merchant bankers will be held responsible, in case investors’ applications are rejected due to absence of photocopy of PAN card, the market regulator said.