UIDAI e-KYC accepted as address, identity proof: SEBI

India Infoline News Service | Mumbai |

The objective is to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

Capital market regulator SEBI (Securities and Exchange Board of India) on Tuesday said it will accept e-KYC (Know Your Client) service of UIDAI as a valid proof of identity and address for opening accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities.

The objective is to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

SEBI in a circular in August 2012 had allowed investors to use 'Aadhaar' cards as a valid address proof for their accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities.

In consultation with Unique Identification Authority of India (UIDAI) and the market participants, it has now been decided to accept e-KYC service launched by UIDAI also, as a valid process for KYC verification. The information containing relevant client details and photograph made available from UIDAI as a result of e-KYC process shall be treated as sufficient proof of Identity and Address of the client.

However, the client shall have to authorize the intermediary to access his data through UIDAI system.


 

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