SEBI allows Aadhaar as valid address proof for investors
Market regulator SEBI Monday said investors can use 'Aadhaar' cards as a valid address proof for their accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities.
New Delhi: Market regulator SEBI Monday said investors can use 'Aadhaar' cards as a valid address proof for their accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities.
'Aadhaar', a 12-digit individual identification number issued by UIDAI (Unique Identification Authority of India), is already permitted as a valid identity proof document in the capital market.
The other documents permitted to be used as address proof in the capital market include passport, driving licence, voter ID card, ration card, bank statement and utility bills, while valid ID proof documents also include PAN (Permanent Account Number) card.
Aadhaar is also permitted as valid ID proof and address proof documents in the KYC (Know Your Customer) procedures for opening of bank accounts, insurance, telecom and many other services.
Now, Aadhaar can be used as 'Proof of Address for Know Your Client (KYC) norms' of capital market, SEBI said in a circular issued today to mutual funds, brokers, depository participants, portfolio managers, alternative investment funds and collective investment schemes, among other market entities.
"In consultation with UIDAI, Government of India, it has now been decided that the Aadhaar Letter issued by UIDAI shall be admissible as proof of address in addition to its presently being recognised as proof of identity," SEBI said.
SEBI has informed the same to Association of Mutual Funds in India (AMFI) and KYC Registration Agencies (KRAs) as well.
UIDAI was set up by the government in 2009 with a mandate to issue every resident a unique ID number linked to the resident's demographic and biometric information, which they can use to identify themselves anywhere in India, and to access various services. This unique ID number was later named 'Aadhaar'.