MIN Goes MAPIN Way

The requirement of a unique identification number for investing in mutual funds, known as MIN, will be done away with. According to information available, mutual funds will be asked to follow the Finance Ministry's suggestion of making PAN compulsory for mutual fund applications.
The Association of Mutual Funds in India (AMFI), in consultation with the SEBI, is expected to make an announcement to this effect shortly.
The association had made MIN compulsory for investments of Rs 50,000 and above in mutual funds from January 1, 2007.
The mutual fund identification number was introduced to free investors from the hassle of providing documents every time they make an investment in a mutual fund.
Quoting MIN, investors could invest in the scheme of any mutual fund without submitting know-your-customer documents.
According to sources, the Finance Ministry is against asking investors to obtain more than one identification number.
The SEBI had earlier introduced MAPIN and subsequently suspended it.
Several investors had obtained this number from SEBI-appointed agencies at their own cost.
Afterwards, PAN was made compulsory for all investors in the equity market, followed by MIN. All these have created confusion among investors, said an analyst.
I couldn’t understand why these agencies are torturing us by introducing so many numbers. I think the officials of these agencies are just trained to produce this sort of useless junk ideas.

0 comments:

Post a Comment

All comments are moderated. Please post no spam

Disclaimer & Privacy Policies

(c) Mrs. Ruby Christy. This site and contents are owned by Mrs. Ruby Christy;
Use of this website and/or services offered by us indicates your acceptance of our Disclaimer& Privacy Policies.

Information and opinions provided on this website (www.investchips.com) has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. Investchips.com and its affiliates, information providers or content providers and R.John Christy and his Family shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this website or feeds, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. Investchips.com,its affiliates, information providers ,content providers and R. John Christy and his Family shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this website. Any action you choose to take in the markets is totally your own responsibility. Investchips.com and R. John Christy and his Family will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. Opinions expressed by R. John Christy are his own and not of his past, present and future employers.
The DoubleClick DART cookie is used by Google in the ads served on this websites displaying AdSense for content ads. When users visit this website and either view or click on an ad, a cookie may be dropped on that end user's browser.
  • Google, as a third party vendor, uses cookies to serve ads on this site.
  • Google's use of the DART cookie enables it to serve ads to your users based on their visit to this site and other sites on the Internet.
  • Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy.
  • www.investchips.com never collects any personal information of visitors.