Why to Exercise this option
Earlier if you have made investment in mutual funds that means before July 2007, that time Pan number details were not compulsory as we use to make investment without adding Permanent Account details if investment amount was less than Rs. 50,000/-
Updates related to Pan and KYC in mutual funds
- In December 2004, those investors who invested Rs.50,000 or more had to compulsorily give PAN
- In July 2007, PAN become compulsory for all, irrespective of the amount you have invested, so if your investment is done before 2007, then pan details were not updated in that folio.
- From 1 January 2008, investors who invested Rs.50,000 or more had to submit their KYC.
- From 1 January 2011, KYC become mandatory for all investors.