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PAN card-Aadhaar linking: Why has SEBI made it mandatory?

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The Central Board of Direct Tax (CBDT) had earlier asked all taxpayers to link their permanent account number (PAN) with Aadhar by March 31, 2023. But the date was later extended to June 30, 2023. Even the Securities and Exchange Board of India has asked investors to link the two before the month end to continue doing transactions in the securities market.

Jitendra Dhaka Founder of BankSathi said, “Know-your-customer (KYC) requirements will ensure that only authorised users have access to e-wallets, thereby boosting security and decreasing the risk of fraud. By integrating KYC to e-wallets, clients will have improved investment transparency, as they will be able to more easily trace their mutual fund holdings and transactions. After the completion of the KYC procedure, consumers will be able to invest in mutual funds using e-wallets without the burden of continuously providing physical documents.”

Who needs to link PAN with Aadhar?

According to the CBDT the Income-tax act makes it mandatory for every person who was allotted a PAN on July 1,2017 to link it to the Aadhar number. But anyone who is 80 years and above or a non-resident as per Income-tax Act and a person who is not a citizen of India do not compulsorily need to link the PAN with Aadhar.

Why did SEBI make it mandatory for investors to link PAN with Aadhar?

Since PAN is the key identification number and it is also a part of the KYC requirements for all transactions in the market, SEBI has asked all registered entities and MIIS to ensure that all the participants have valid KYC.

All investors are required to link the PAN with Aadhar before March 31 for continual and smooth transactions and to avoid the consequence of non-compliance with CBDT circular. If not followed there would be restrictions on securities and other transactions until the PAN and Aadhar are linked.

Maharashtra

Way Cleared for Release of 65-Year-Old Man, Bombay High Court Grants Relief

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The Bombay High Court today paved the way for the release of a 65-year-old man who has been imprisoned for the past fifteen years on terrorism charges. A division bench comprising Justice Sarang Vijaykumar Kotwal and Justice Ranjit Sinha Raja Bhonsle granted the accused, Kafeel Ahmed, permission to present a surety from outside Maharashtra; the Court had previously ordered him to produce a local resident as a surety. Kafeel Ahmed had filed a petition in the Bombay High Court through the Jamiat Ulama-e-Maharashtra (Arshad Madani) Legal Aid Committee. During today’s hearing, Advocate Mateen Shaikh informed the Court that despite being granted bail nearly a year ago, the accused remains compelled to endure the hardships of imprisonment because he hails from Bihar and has no one in Maharashtra to stand as his surety. Advocate Mateen Shaikh further informed the court that the accused is 65 years old and is already suffering from various ailments while in prison; therefore, the conditions of his bail should be modified. Initially, the court expressed reluctance, noting that the accused faced serious charges and thus the bail conditions could not be altered; however, after hearing Advocate Mateen Shaikh’s arguments, the court granted relief to the accused. This decision was made despite strong opposition from the public prosecutor regarding the modification of bail conditions. It is worth noting that two weeks ago, the son of the accused, Kafeel Ahmed, met with Maulana Haleemullah Qasmi, President of Jamiat Ulama-e-Maharashtra, to request his elderly father’s release from prison; subsequently, a petition was filed in the Bombay High Court, which was heard today. Kafeel Ahmed is accused of involvement—alongside other co-accused—in the 13/7 Mumbai serial bomb blasts case, which involved explosions at three different locations in the city. Charges were framed against Kafeel Ahmed and the other eleven accused under various sections of the Indian Penal Code (IPC)—including Sections 302, 307, 326, 325, 324, 379, 109, and 120-B—as well as under the Unlawful Activities (Prevention) Act, the Explosive Substances Act, and the Maharashtra Control of Organised Crime Act (MCOCA). The Jamiat Ulama-e-Maharashtra Legal Aid Committee is providing legal assistance to the accused facing charges in this case: Naqi Ahmed Wasi Ahmed, Nadeem Akhtar Ashfaq Shaikh, Haroon Abdul Rashid Naik, Kafeel Ahmed Mohammad Ayub Ansari, Asadullah Akhtar Javed Akhtar (alias ‘Haddi’), Syed Ismail Afaq Alim Lanka, Saddam Hussain Feroz Khan, and Zain-ul-Abideen Abdul Razzaq. Advocates Abdul Wahab Khan, Sharif Shaikh, Hasnain Qazi, and others are appearing in the Sessions Court to represent the accused.

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Maharashtra

Property Dispute: Waris Pathan Locks Khilafat House

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In Mumbai, the Rashtriya Muslim Manch broke the lock placed by the MIM on Khilafat House. Chanting slogans of “Bharat Mata Ki Jai,” female students and activists from the Rashtriya Muslim Manch broke the lock and entered the premises. Previously, former MLA Waris Pathan had locked Khilafat House; a verbal altercation had also occurred at the time between Pathan and Sarfaraz Arzu, the trustee and acting president of Khilafat House. Today, by breaking the lock, the Rashtriya Muslim Manch declared Pathan’s action illegal, questioning his authority to lock the premises.

Waris Pathan stated that since Khilafat House is registered with the Waqf Board and is Waqf property, he had locked it in protest to halt construction work. Meanwhile, Sarfaraz Arzu had challenged the claim that it was Waqf property, demanding that the Waqf deed be produced. Pathan had locked the Byculla-based Khilafat House following a notice from the Waqf Board, but today, the Rashtriya Muslim Manch broke that lock and entered the building. Sarfaraz Arzu announced plans to construct a high-rise building at the site, which would house a hospital and a college. Although the property is embroiled in a dispute regarding its status as Waqf property, the Khilafat House administration has refused to acknowledge it as such, even though the Waqf Board has issued a notice and demanded relevant records. Waris Pathan had locked the Khilafat House to halt construction work there; it has been opened today.

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Maharashtra

Mumbai: Successful seminar by All India Muslim Women to create awareness among Muslim women

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Mumbai: The All India Muslim Women’s Association organized a two-day seminar at the Saboo Siddik Musafir Khana in Mumbai to foster awareness among Muslim women and take significant steps toward their empowerment and self-reliance. During this gathering, women were apprised of matters concerning religion, worldly affairs, and current events. Addressing the assembly, Dr. Asma Zehra stated that the event was organized in response to the pressing need for awareness in these turbulent times; educational awareness, in particular, is crucial, so the seminar highlighted the true purpose and significance of education. The event saw the participation of female educators not only from Mumbai but also from across Maharashtra and other parts of the country. Dr. Zehra emphasized that education is what brings about awareness in our generations; thus, the seminar was held to enlighten young women and girls, familiarizing them with professional dynamics and societal roles. She noted that while the government attempts to marginalize minorities—pushing for new laws and the implementation of measures like the Uniform Civil Code (UCC)—this very pressure has awakened the Muslim community. The government’s persistent targeting of Muslims has served to fully alert the community, making them vigilant and wary of every maneuver. The seminar aimed to promote education, foster self-reliance among women and girls, and raise awareness regarding women’s rights in society. Farid Shaikh, head of the Mumbai Peace Committee, played a leading role in this event. He stated that the objective of the seminar was to empower women and boost their morale; consequently, this two-day event was organized in Mumbai, drawing the participation of over 500 teachers, women from various fields, and prominent figures from across the country, ultimately proving to be a success.

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