Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA
Summary
This circular notifies 155 reporting entities as sub-KUAs for Aadhaar authentication under the Prevention of Money Laundering Act, 2002. These entities must enter into agreements with KYC User Agencies (KUAs) and register with UIDAI to facilitate client KYC processes. The directive is issued under Section 11(1) of the SEBI Act, 1992, to regulate securities markets and protect investor interests.
Text
Department of Revenue-Ministry of Finance, Government of India, vide Gazette Notification No. S.O. 3187(E) dated July 13, 2022 has notified 155 reporting entities as sub-KUA to use Aadhaar authentication services of UIDAI under section 11A of the Prevention of Money-laundering Act, 2002.
The above mentioned entities shall enter into an agreement with a KUA and get themselves registered with UIDAI as sub-KUAs. The agreement in this regard shall be as prescribed by UIDAI. Further, the Sub-KUAs shall follow the process as detailed in SEBI circular dated Nov 05, 2019 and as may be prescribed by UIDAI from time to time.
The KUAs shall facilitate the onboarding of these entities as sub-KUAs to provide the services of Aadhaar authentication with respect to KYC.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
Source: SecMarx — Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.