Reference : PAN–mutual fund folio name mismatch: Here’s what you should know to avoid application rejection
Regarding SEBI’s order mandating that name in mutual fund folio should be as per PAN/Income Tax Records starting April 30, 2024:
But what happens if name on PAN card is abbreviated while name on Income Tax records is expanded?
Background: Many South Indian names have initials before the name and no specific surname/ family name as such. Take a south Indian person’s name like R. Ashwin
Now the expansion of the name is Ravichandran Ashwin
But the first name is actually his father’s name, and Ashwin is his given name.
Now the confusion starts.
[ My name changed for privacy ]
My name in my PAN Card is M Ganesan [ PAN card was issued many years ago ]
but name in Income Tax records is expanded as Manikkam Ganesan
They had shortened my name on the PAN card but internally in the I-T Dept records [and in my ITR filings ] my name was expanded as Manikkam Ganesan.
Note:
My given name: Ganesan
My father’s name: Manikkam
Now:
My mutual fund folios in SoA form were opened few years ago using my PAN card and address proofs which have M. Ganesan as the name.
But according to the new rules requiring an exact match, my abbreviated name in the folios does not match with my expanded name in the I-T Dept records.
I would henceforth like to adopt the widely adopted system of (Given name) followed by (Father’s name)
So, therefore, should I change my name in my PAN card and in my Income Tax records and in my Aadhaar and in my mutual fund folios and in my bank account to Ganesan Manikkam?
Should the investor’s name everywhere be exactly identical with no initials/ abbreviations anywhere?
Calling upon @ShubhS9, @Meher_Smaran for their insights on this topic…