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Agents to provide PAN, other details to SEBI for digital payments

All the market entities will now be providing the information of their PAN, registration number, mode of payment and banking details to Securities and Exchange Board of India (SEBI) after making payment digitally.

SEBI recently made amendments to various regulations to enable the market participants to make payments to it through digital mode, reported the Business Standard.

As per the Reserve Bank of India’s (RBI) guidelines market intermediaries are allowed to make payments via direct credit in the bank account through NEFT (national electronic funds transfer)/RTGS (real time gross settlement)/ IMPS (Immediate Payment Service) or any other mode approved by RBI.

The move was aimed to enable ease of paying penalties, disgorgement amounts, settlements amounts, legal charges, recovery amounts, filing fees for IPOs, takeover fees and payments from mutual funds.

“In order to identify and account such direct credit in the SEBI account, it has been decided that the various intermediaries/ other entities shall provide the information …to SEBI once the payment is made,” said SEBI.

This information to be provided  by the entities include name of the intermediary, type of intermediary, its PAN and registration number, amount paid by it to the regulator, name of SEBI’s department to which payment was made, purpose of payment, and details of the bank name and account number from which payment is remitted.

These details should be emailed to the respective department as well as to Treasury and Accounts division, the regulator said.

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