i heard that in below 50000 application we dont need to attach pan...as writeen in instuction no 60.
is that true and if not is there any chance of my appplication being not rejected.
my demat ac is properly furnished with all the pan card details and xerox is also given.
pls help
dear cool_cool
As per IT rules IT PAN is compulsory for 50000 or above , since July this year SEBI has made it mandatory for IPO application to attach IT PAN irrespective of the size of bid , and same is being mentioned on main IPO page under IT PAN column
earlie allotment process were initiated by demat a/c , now same will be initiate by IT PAN , this has been done to avoid bogus demat and duplicate IT PAN in circulation
you may check with your broker with whom IPO app form has been submitted and get the IT PAN copy attached for bid punching
IN absence of IT PAN , I fear application may be rejected
SEBI NOTIFICATION
IT PAN zerox compulsory for all IPO applications
The Bidders, or in the case of a Bid in joint names, each of the Bidders, should mention his/ her Permanent Account Number (PAN) allotted under the I.T. Act. SEBI has issued a circular no. MRD/DoP/Cir-05/2007 dated April 27, 2007 requiring that with effect from July 2, 2007, the PAN would be the sole identification number for participants transacting in the securities market, irrespective of the amount of transaction. In case the PAN has not been allotted, mention “Applied for” or “Not Applicable” in the appropriate places and submit Form 60 or Form 61 as the case may be together with permissible documents as proof of address. Applications without this information and documents will be considered incomplete and are liable to be rejected.
IT PAN is sole Identification for allotment in IPO
"In the earlier process, search for allotment process had been doing through demant accounts but now they will search all PAN numbers and put allotment process forward