Know Your Client Requirements
Summary
The Securities and Exchange Board of India (SEBI) circular dated October 8, 2013, updates Know Your Client (KYC) requirements by accepting e-KYC services launched by the Unique Identification Authority of India (UIDAI). This acceptance treats information obtained via e-KYC as sufficient proof of identity and address for clients. The circular mandates that clients must authorize intermediaries to access their data through the UIDAI system.
Text
Please refer to SEBI circular No. CIR/MIRSD/ 09 /2012 dated August 13, 2012, advising that Aadhaar Letter issued by UIDAI would be admissible as Proof of Address in addition to it being recognized as Proof of Identity.
In consultation with Unique Identification Authority of India (UIDAI) and the market participants, it has now been decided to accept e-KYC service launched by UIDAI also, as a valid process for KYC verification. The information containing relevant client details and photograph made available from UIDAI as a result of e-KYC process shall be treated as sufficient proof of Identity and Address of the client. However, the client shall have to authorize the intermediary to access his data through UIDAI system.
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 — Know Your Client Requirements. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.