The share market scam under which people were opening hundreds of demat accounts in one name and other name without quoting PAN and getting the initial public offers (IPOs) allotment by applying through different names , made SEBI to take tough stand. The share market watchdog issued directive for Know Your Client to Depository Participants under which PAN was required to be authenticated by the demat account holder. If PAN is not given , no shares could be transferred out of such unauthenticated demat accounts.