Bank account details

In order to protect unit holder interest from fraudulent encasement of cheques, the current SEBI Regulations, has made it mandatory for investors to mention in their application/repurchase-redemption request, the bank name and account number of the unit holders .The AMC will not be responsible for any loss arising out of fraudulent encasement of cheques and or any delay /loss in transit. In the absence of these details, applications are liable for rejection.

Permanent Account Number (PAN)

Permanent Account Number (PAN) is  necessary for transaction, according to the rules, every investor should have a Permanent Account Number (PAN), which is why it is now gaining grounds with NRIs too. Although, Non Resident Indians are not required to provide a Permanent Account Number in their Mutual Funds, shares, stocks and other related investments till now, the Securities and Exchange Board of India has directed the depositories to make PAN compulsory for all demat accounts that are started off after April, 2003. After 30th September 2006 existing demat account holders will not be allowed to operate their accounts unless their PAN card is submitted.

The procedures for availing a PAN are quite simple but, for NRIs not having their own residences and / or residential proofs can be a bit discomforting. Hence, before the procedure of acquiring a PAN becomes rigid, NRI can choose an easier alternate by providing proof of residence of his representative assessee.
Such representative assesses can be resident parents, brothers, close relatives or even friends. Details regarding PAN are mentioned herein. An NRI can avail a PAN by making an application to the Income Tax office or Office of Unit Trust of India. An NRI is required to submit the following:

• Copy of passport
• Photograph
• Copy of Visa in case of an Indian citizen
• Details and photograph of representative assessee i.e. say, parents or brothers or even a friend’s details and
• Proof of residence of representative assesses being any one of the documents be that telephone bill, electricity bill, ration card, bank statement or driving licence, showing the address of representative assesses