Tuesday, December 7, 2010

921 - UID to become mandatory in Financial transactions - Live Mint

In other news, unique identity numbers could soon become mandatory in some financial transactions. Mint has learnt that the finance ministry has proposed making UIDs compulsory for any deals made on the securities market. And it has asked market regulator Sebi for its views on the proposal. Sebi and UID officials are expected to meet this month for discussions. Currently, anyone dealing on the markets needs a permanent account number. But people laundering money or committing fraud can use so-called benami accounts that are registered with fictitious names.