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On a day when the Supreme Court rejected the Government’s move mandating the use of Aadhaar cards for availing subsidies, market regulator SEBI accepted the Unique Identification Authority of India’s (the agency responsible for making the cards) e-KYC services.
SEBI said that it had decided to accept e-KYC as a valid process for KYC verification.
Information regarding client details and photographs made available by UIDAI as a result of e-KYC process shall be treated as sufficient proof of identity and address of the client, said SEBI.
KYC or Know-Your-Customer/Client is done by all capital market intermediaries to obtain proof of identity and residence of the entity, in order to identify the owner of the securities.
However, the process requires the client to authorise the intermediary to access his data through the UIDAI system.
Earlier in August 2012, SEBI had said it would accept Aadhaar for proof of address. Prior to that, Aadhaar was recognised by the regulator only as proof of identity.
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