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Do This Before 31st March 2023

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"We are all born ignorant, but one must work hard to remain stupid" – Benjamin Franklin

We are just a month away from closing of this financial year. There are a host of changes that have to be done by March 31, 2023; failure to comply with these norms will cause disruption in your investments. Let us look at these changes that can impact your investments:

 

Aadhaar-Pan linking

It is important to link Aadhaar and PAN as early as possible. The last date to link the two is March 31, 2023. In case you fail to link your Aadhaar with your PAN before 31st March 2023, your PAN will become inoperative. And wherever your PAN is quoted, all such investments may also become inoperative. So double check if your PAN is linked with your Aadhaar.

As per Department of Revenue Notification no 37/2017 dated 11th May 2017, following categories are exempted from Aadhaar-PAN linking

(i) NRIs
(ii) Not a citizen of India
(iii) Age > 80 years or above as on date
(iv) State of residence is ASSAM, MEGHALAYA or JAMMU & KASHMIR

You can visit https://bit.ly/3xCgPav to link your Pan & your Aadhaar. You may also check status by visiting https://bit.ly/3Ko6Mxd

 

You may also visit incometaxindiafiling.gov.in or https://www.utiitsl.com/ or https://www.egov-nsdl.co.in/ to link your PAN and Aadhaar.

 

Nomination in your mutual fund investments

Please check your nomination status in your mutual fund investments. Even if you don’t wish to nominate any person, you need to declare the same in prescribed format before 31st March. If you fail to do so before stipulated date your mutual fund investments will be frozen for investment and redemption, clarified SEBI. Also, non-compliant investors cannot continue their SIPs as well.

 

Tax Saving Investments

Check your transactions and ensure that you have saved and completed investments of Rs. 1,50,000/- to save tax u/s 80C and additional investments of Rs. 50,000/- in NPS, in case you plan to continue with old tax regime. Should there be any shortfall, complete it fast and before 31st March. You may seek help from your InvestmentMitra.

 

Two-factor authentication (2FA)

SEBI implemented two factor authentication for MF redemption.  With this, investors need to key in OTP to redeem their money from mutual funds through online mode. The two-factor authentication will also be implemented for subscription of mutual funds. Currently, it is applicable at the time of redemption.

 

One major requirement to implement these changes is to validate mobile number and email id of investors. This task has to be done by March 31, 2023. Check with your mutual fund distributor for the same.

 

Updating PAN and PEKRN

It is compulsory for the investors to update their PAN and PAN Exempt KYC Reference Number (PEKRN) in MF folios by March 31, 2023. AMFI clarified that investors with such non-compliant folios cannot execute any financial transaction in mutual funds from April 1, 2023. Please check and ensure that your PAN is mentioned in all your mutual fund investments.

 

Our team is working on the data of our investors to ensure compliance of above requirements. You may also check with your mutual fund distributor for the same or may seek help from InvestmentMitra. You may write to us at contact@investmentmitra.com or whatsapp your message to 9958447700.

Happy Investing! 

Team InvestmentMitra

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