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.


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