The Association of Mutual Funds of India has now made it mandatory for investors to update the Permanent Account Number (PAN) information in their mutual fund folios to be able to redeem their investments. The directive follows a recent inspection by the Securities and Exchange Board of India (Sebi), wherein it was found that mutual funds and registrar and transfer agents (RTAs) had processed redemption requests even for folios where PAN details were not available.
Nine big financial changes that you must watch out for in October
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