December 29, 2015

Mutual funds add 2.5 mn PAN numbers so far in FY16

India's mutual fund industry has seen an addition of nearly 2.5 million new Permanent Account Numbers (PANs) in its kitty thus far this financial year. This essentially means that 2.5 million new individual investors have boarded the investment vehicle - the mutual funds - in a span of a eight months.

This is quite an achievement for mutual fund players who have been struggling for long to make their products readily acceptable to new investors. Thanks to the continuous investor awareness programmes across the country and engagement of fund managers with investors and distributors mutual funds are finding place in investor's portfolios.

According to sector's top officials, the total number of PAN attached with the mutual fund industry stands at 17 million as of now - almost half the number of tax payers in the country and around one-tenth of the total number of PAN allotted.

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