The Hindu Business Line : SEBI extends unique ID deadline

THE Securities and Exchange Board of India has extended the deadline for individual investors' requirement of the Unique Identification Number (UIN) to December 31, 2005. According to the earlier SEBI notification, all individual investors need to quote their UIN number for transactions above Rs 1 lakh.

"SEBI has received representations and feedback from the above "specified investors" on the difficulties faced by them in adhering to the time line of March 31, 2005. In order to alleviate their difficulties, it has been decided to give some more time to them to obtain the Unique Identification Number (UIN)," said a SEBI circular.

SEBI has also constituted a committee to look into the coverage of the Market Participants and Investor Database (MAPIN), the circular said. There have been several operational issues for obtaining MAPIN, especially for individual investors. The service providers have been inundated with requests for appointments and investors have found it difficult to get a slot for fingerprinting before the expiry of the deadline. Service providers have also been concentrated to large cities and investors residing in smaller towns have not been easily serviced.

SEBI's decision to reconsider the applicability of MAPIN has also followed several complaints from investors about the expenses and operational difficulties involved in acquiring the UIN.

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