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PAN card is mandatory. Aadhaar is optional.

These funds are invested in India directly, thus not guaranteed by FINRA/SIPC.

I think they just made Aadhaar card mandatory. You have to link it to Pan Card within a set deadline or the Pan card becomes invalid.

No idea if NRI's also have to do it.

https://www.ndtv.com/india-news/date-for-linking-pan-and-aad...

It is not mandatory for NRIs, only indian residents. Refer below:

Aadhaar-PAN linkage requirement does not apply to any individual who is:

Residing in the States of Assam, Jammu and Kashmir, and Meghalaya; a non-resident as per the Income-tax Act, 1961; of the age of eighty years or more at any time during the previous year; or not a citizen of India.

https://www.incometax.gov.in/iec/foportal/help/e-filing-link...

So money/equity/stocks are not guaranteed by anyone?

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