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New ID roll-out for investors

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A new set of agencies will now issue IDs

MR M. DAMODARAN
MR M. DAMODARAN

Our Bureau

Kolkata, Dec. 16

The new year will see the Securities and Exchange Board of India making a fresh start on MAPIN the system that provided unique identity to investors. The regulator, which now plans to have a new group of agencies to issue unique IDs, is set to take it to the next level.

It is expected to introduce an improved system of issuing MAPIN, based on recommendations made by a committee that has been set up for the purpose. The new system will complement SEBI's other initiatives in this regard.

Mr Damodaran, Chairman of SEBI, said MAPIN was clearly not abandoned even while it did have certain critical issues to contend with. Some sections of the market, in fact, had a psychological resistance to biometric system that was introduced earlier, he added.

"The IDs that have been issued already will continue. This time, the roll-out will be more effective," he told presspersons here on Saturday. The earlier system involved identity cards issued by the NSDL on behalf of the SEBI under the SEBI (Central Database of Market Participants) Regulations, 2003. The IDs were not transferable.

One of SEBI's recent steps relates to the use of PAN for demat account holders, the deadline for which is December 31. Unique identities have also been mooted for certain categories of mutual fund investors.

Related Stories:
PAN required for NRI, PIO investors
SEBI to resume UIN registration

(This article was published in the Business Line print edition dated December 17, 2006)
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