23rd Feb 2011
Market regulator Securities and Exchange Board of India (Sebi) is in talks with the Unique Identification Authority of India (UIDAI) to set up a working group for using ‘Aadhaar’ number as a proof of address and proof of identity for Know Your Client (KYC) purposes in securities market.
Minister of state for finance Namo Narain Meena on Tuesday informed the Rajya Sabha in a written reply that Securities and Exchange Board of India has constituted an internal working group with members of various departments to examine the proposal and formulate views.
“UIDAI has suggested constituting a joint working group of Sebi and Unique Identification Authority of India to work out the modalities for recognising Aadhaar as a proof of address and proof of identity from Know Your Client purposes in securities market,” he said.
The Unique Identification (UID) number will eventually form the basic universal identity over which registrars and agencies across India can build identity-based applications.
The project, known as ‘Aadhaar’ was rolled out last year and the government has already involved various stakeholders, including banks, for this purpose.
“Government of India, in December 2010 notified Aadhaar number issued by UIDAI as an officially valid document to satisfy Know Your Client norms for opening of accounts with banking companies, financial institutions and intermediaries,” Meena said.
Minister of state for finance Namo Narain Meena on Tuesday informed the Rajya Sabha in a written reply that Securities and Exchange Board of India has constituted an internal working group with members of various departments to examine the proposal and formulate views.
“UIDAI has suggested constituting a joint working group of Sebi and Unique Identification Authority of India to work out the modalities for recognising Aadhaar as a proof of address and proof of identity from Know Your Client purposes in securities market,” he said.
The Unique Identification (UID) number will eventually form the basic universal identity over which registrars and agencies across India can build identity-based applications.
The project, known as ‘Aadhaar’ was rolled out last year and the government has already involved various stakeholders, including banks, for this purpose.
“Government of India, in December 2010 notified Aadhaar number issued by UIDAI as an officially valid document to satisfy Know Your Client norms for opening of accounts with banking companies, financial institutions and intermediaries,” Meena said.