As directed by SEBI, Depositories had issued directions to Participants making Permanent Account Number (PAN) compulsory for all categories of demat account-holders including minor, trust, foreign corporate body, banks, corporate, FIIs and NRIs. This came into effect in respect of all demat accounts that were opened on or after April 1, 2006. Further, from January 1, 2007 onwards, the existing account holders are not allowed to operate the accounts, if they do not complete the PAN verification process.

The latest position (as of December 31, 2008) in this regard is as follows:

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