Govt, Sebi working to make Aadhaar compulsory for buying shares, mutual funds, says report
Govt, Sebi working to make Aadhaar compulsory for buying shares, mutual funds, says report Aadhaar may soon be made compulsory to buy shares and mutual funds, as the government and capital market regulator Sebi are planning to link your 12 digit unique-identity number to financial market transactions, said a report in The Economic Times . Currently, permanent account number (PAN) is mandatory for stock market transactions, but the government now feels it is not enough to plug tax leaks. The move is being planned to curb shady stock market transactions undertaken by many investors to convert their black money into white to avoid paying taxes to the government. There is no clarity about the timeline for making Aadhaar compulsory for financial market transactions or whether PAN will be scrapped altogether for stock market play, the ET report said. The unique ID can be used for conducting the mandatory know-your-client (KYC) check for mutual fund transactions ...