AADHAAR RELATED ARTICLES: 11821 - Aadhaar mandatory for stock markets: Brokers ask for more time

In 2009, I became extremely concerned with the concept of Unique Identity for various reasons. Connected with many like minded highly educated people who were all concerned.

On 18th May 2010, I started this Blog to capture anything and everything I came across on the topic. This blog with its million hits is a testament to my concerns about loss of privacy and fear of the ID being misused and possible Criminal activities it could lead to.

In 2017 the Supreme Court of India gave its verdict after one of the longest hearings on any issue. I did my bit and appealed to the Supreme Court Judges too through an On Line Petition.

In 2019 the Aadhaar Legislation has been revised and passed by the two houses of the Parliament of India making it Legal. I am no Legal Eagle so my Opinion carries no weight except with people opposed to the very concept.

In 2019, this Blog now just captures on a Daily Basis list of Articles Published on anything to do with Aadhaar as obtained from Daily Google Searches and nothing more. Cannot burn the midnight candle any longer.

"In Matters of Conscience, the Law of Majority has no place"- Mahatma Gandhi

Ram Krishnaswamy

Sydney, Australia.

Aadhaar

The UIDAI has taken two successive governments in India and the entire world for a ride. It identifies nothing. It is not unique. The entire UID data has never been verified and audited. The UID cannot be used for governance, financial databases or anything. It’s use is the biggest threat to national security since independence. – Anupam Saraph 2018

When I opposed Aadhaar in 2010 , I was called a BJP stooge. In 2016 I am still opposing Aadhaar for the same reasons and I am told I am a Congress die hard. No one wants to see why I oppose Aadhaar as it is too difficult. Plus Aadhaar is FREE so why not get one ? Ram Krishnaswamy

First they ignore you, then they laugh at you, then they fight you, then you win.-Mahatma Gandhi

In matters of conscience, the law of the majority has no place.Mahatma Gandhi

“The invasion of privacy is of no consequence because privacy is not a fundamental right and has no meaning under Article 21. The right to privacy is not a guaranteed under the constitution, because privacy is not a fundamental right.” Article 21 of the Indian constitution refers to the right to life and liberty -Attorney General Mukul Rohatgi

“There is merit in the complaints. You are unwittingly allowing snooping, harassment and commercial exploitation. The information about an individual obtained by the UIDAI while issuing an Aadhaar card shall not be used for any other purpose, save as above, except as may be directed by a court for the purpose of criminal investigation.”-A three judge bench headed by Justice J Chelameswar said in an interim order.

Legal scholar Usha Ramanathan describes UID as an inverse of sunshine laws like the Right to Information. While the RTI makes the state transparent to the citizen, the UID does the inverse: it makes the citizen transparent to the state, she says.

Good idea gone bad
I have written earlier that UID/Aadhaar was a poorly designed, unreliable and expensive solution to the really good idea of providing national identification for over a billion Indians. My petition contends that UID in its current form violates the right to privacy of a citizen, guaranteed under Article 21 of the Constitution. This is because sensitive biometric and demographic information of citizens are with enrolment agencies, registrars and sub-registrars who have no legal liability for any misuse of this data. This petition has opened up the larger discussion on privacy rights for Indians. The current Article 21 interpretation by the Supreme Court was done decades ago, before the advent of internet and today’s technology and all the new privacy challenges that have arisen as a consequence.

Rajeev Chandrasekhar, MP Rajya Sabha

“What is Aadhaar? There is enormous confusion. That Aadhaar will identify people who are entitled for subsidy. No. Aadhaar doesn’t determine who is eligible and who isn’t,” Jairam Ramesh

But Aadhaar has been mythologised during the previous government by its creators into some technology super force that will transform governance in a miraculous manner. I even read an article recently that compared Aadhaar to some revolution and quoted a 1930s historian, Will Durant.Rajeev Chandrasekhar, Rajya Sabha MP

“I know you will say that it is not mandatory. But, it is compulsorily mandatorily voluntary,” Jairam Ramesh, Rajya Saba April 2017.

August 24, 2017: The nine-judge Constitution Bench rules that right to privacy is “intrinsic to life and liberty”and is inherently protected under the various fundamental freedoms enshrined under Part III of the Indian Constitution

"Never doubt that a small group of thoughtful, committed citizens can change the World; indeed it's the only thing that ever has"

“Arguing that you don’t care about the right to privacy because you have nothing to hide is no different than saying you don’t care about free speech because you have nothing to say.” -Edward Snowden

In the Supreme Court, Meenakshi Arora, one of the senior counsel in the case, compared it to living under a general, perpetual, nation-wide criminal warrant.

Had never thought of it that way, but living in the Aadhaar universe is like living in a prison. All of us are treated like criminals with barely any rights or recourse and gatekeepers have absolute power on you and your life.

Announcing the launch of the # BreakAadhaarChainscampaign, culminating with events in multiple cities on 12th Jan. This is the last opportunity to make your voice heard before the Supreme Court hearings start on 17th Jan 2018. In collaboration with @no2uidand@rozi_roti.

UIDAI's security seems to be founded on four time tested pillars of security idiocy

1) Denial

2) Issue fiats and point finger

3) Shoot messenger

4) Bury head in sand.

God Save India

Tuesday, August 22, 2017

11821 - Aadhaar mandatory for stock markets: Brokers ask for more time - Business Standard

Aadhaar mandatory for stock markets: Brokers ask for more time

Small-sized brokers also fear cost escalation in meeting the new diktat

BS Reporter | Mumbai

August 21, 2017 Last Updated at 11:35 IST

Stock exchanges have asked brokers to furnish Aadhaar details for all their existing clients before the end of this year. Brokers fear they won't be able to meet the deadline and have asked for more time for compliance.

"The December deadline will be slightly cumbersome in terms of achieving 100 per cent compliance. We have told stock exchanges to give us a year to complete the full database," said CJ George, MD, Geojit Financial Services.

"There are legacy clients. There are a lot of investors who are not active now but were active in the past. We have asked for time for such accounts. Even if we give notice, they won't respond," he added.

In a notice last week, stock exchanges directed brokers to cease the accounts of clients who fail to submit Aadhaar details by December 31, 2017. Clients who have opened trading accounts after June 1, 2017, have been given six months to submit details.

ALSO READ: PML rules: BSE asks members for status report on clients' Aadhaar details

"In the case of failure to submit the documents within the aforesaid time limit, the account shall cease to be operational till the time Aadhaar number is submitted by the client," BSE said in a notice dated August 17.

"One way is to freeze the account, which will make the investors unhappy. We are facing a difficult proposition of making the clients happy and at the same time ensuring compliance," said George.

Small-sized brokers also fear cost escalation in meeting the new diktat.

"It entails an additional cost on us. We have no choice than to comply but it's an irritant, both on part of brokers and clients. There are already certain requisites for share trading pertaining to PAN numbers, KYC, and so on. So, when linking of PAN with Aadhaar has been made mandatory, why again does Aadhaar need to be linked with the Demat. It's nothing but a duplication of work. Besides, it should have been done prospectively not retrospectively," said Alok Churiwala, managing director, Churiwala Securities.

Industry players say there are some clients who use multiple PAN card numbers for trading. Making Aadhaar compulsory will help weed out such investors and curb manipulation.

"By making Aadhaar mandatory, the verification of clients' accounts would get easier. It will certainly curb stock market manipulation, which has been increasing. However, this is just an extension of current anti-money laundering law... Every new trading member/client has to comply with the PML (Prevention of Money Laundering) rules effective June 1," said Mehul Patel, member, BSE Brokers Forum.