Mumbai: Mutual fund investments under systematic investment plan up to Rs50,000 can soon be made without quoting PAN card number with the government extending in-principle nod.
Association of mutual funds in India (AMFI) has received permission from the Government to exempt PAN card requirement for such investments and the notification in this regard is expected soon, AMFI chairman A P Kurian said.
“It is a good thing (making PAN card not mandatory for SIP investments up to Rs50,000) and it will help industry to grow,” Kurian told PTI on the sidelines of a seminar here. ‘There is a strong need to harmonize statutory and regulatory norms for the mutual fund industry”, he said.
Kurian said the industry is expected to grow to 150-million folios by 2015 from the present 48-million.
The MF industry added 10 million folios per year between 2005 and 2008 but the number declined to a mere 3-million in 2008-09, he said.
At the current growth level, the Indian mutual funds industry should add 80-90-million folios by 2015, he said.