PAN to be sole identification number, Mutual Funds permitted to launch infrastructure funds

In line with measures announced every year to strengthen the capital markets, Finance Minister Shri P. Chidambaram proposed in the Budget 2007-08:

1. PAN to be made sole identification number for all participants in securities market with an alpha-numeric prefix or suffix to distinguish a particular kind of account;
2. Idea of Self Regulating Organisations (SRO) to be taken forward for different market participants under regulations to be made by SEBI;
3. Mutual funds to be permitted to launch and operate dedicated infrastructure funds;
4. Individuals to be permitted to invest in overseas securities through Indian mutual funds;
5. Short selling settled by delivery, and securities lending and borrowing to facilitate delivery, by institutions to be allowed; and
6. Enabling mechanism to be put in place to permit Indian companies to unlock a part of their holdings in group companies for meeting their financial requirements by issue of Exchangeable Bonds.

Source : Press Information Bureau

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