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The unique identity number, Aadhaar, may be recognised as a proof of identity for satisfying know-your-client (KYC) norms in the securities market.
The Government today said that that the Unique Identification Authority of India (UIDAI) has suggested constituting a joint working group of SEBI and UIDAI officials to work out the modalities for this purpose.
To examine the modalities for making Aadhaar applicable for KYC norms and to formulate their views on the matter, the SEBI has now constituted an internal working group with members from various departments.
This was stated by Mr Namo Narain Meena, Minister of State for Finance, in a written reply in the Rajya Sabha today. The Aadhaar number is already recognised as an “officially valid document” to satisfy know your customer norms for opening bank accounts.
The thinking in the Government and the UIDAI is that the unique identity number will eventually form the basic universal identity infrastructure over which registrars and agencies across the country can build their identity-based applications.
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