Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA
Summary
SEBI notifies that one entity has been permitted by the Department of Revenue to use UIDAI's Aadhaar authentication services as a sub-KUA. This circular references the Master Circular on KYC norms and Gazette Notification S.O. 1863(E) dated April 30, 2024. The notified entity must follow processes detailed in the October 2023 SEBI circular and those prescribed by UIDAI.
Text
The Master Circular on Know Your Client (KYC) norms for the securities market SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169 dated October 12, 2023 inter alia has detailed the provision for the adaptation of Aadhaar based e-KYC process and e- KYC Authentication facility for Resident Investors under section 11A of the Prevention of Money Laundering Act, 2002 in securities market as sub-KUA and on-boarding process of sub-KUA by UIDAI.
Department of Revenue, Ministry of Finance (DoR-MoF) has from time to time issued gazette notifications notifying entities, to undertake Aadhaar authentication service of UIDAI under Section 11A of the Prevention of Money Laundering Act, 2002.
DoR-MoF has vide Gazette Notification S.O. 1863(E) dated April 30, 2024, notified one entity which is permitted to use Aadhaar authentication services of UIDAI under section 11A of the Prevention of Money-laundering Act, 2002.
The above mentioned entity shall follow the process as detailed in SEBI circular dated October 12, 2023 and as may be prescribed by UIDAI from time to time.
The KUAs shall facilitate the on-boarding of the entity as sub-KUA to provide the services of Aadhaar authentication with respect to KYC.
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.