Deadline for PAN Compliance Extended

As a one time measure, the market watchdog SEBI has extended the deadline for mandatory requirement of Permanent Account Number (PAN) for demat account holders to December 31, 2006.

The Securities and Exchange Board of India (Sebi) had directed depository participants to freeze all demat accounts from October 1 if the account-holders failed to provide their PAN details.

While a PAN number is allotted within 10 ten days of application, getting the actual Pan card takes much longer. The government has said that efforts are on to reduce processing time.