UIDAI-Aadhaar has brought into its fold one more use for its ‘Aadhaar Letter’. Now it is SEBI’s turn.
In reference to earlier SEBI Circulars on Uniform KYC Norms and List of Documents admissible as Proof of address, SEBI has notified the ‘Aadhaar Letter issued by UIDAI’, shall be admissible as Proof of Address in addition to its presently being recognized as Proof of Identity.
This has been done in consultation with Unique Identification Authority of India (UIDAI), Government of India.
The circular has been addressed to all SEBI ambit entities viz.,
All Recognized Stock Exchanges
Association of Mutual Funds in India (AMFI)
SEBI Registered Intermediaries:
1. KYC Registration Agencies (KRAs),
2. Stock Brokers through Stock Exchanges,
3. Depository Participants (DPs) through Depositories,
4. Mutual Funds (MFs)
5. Portfolio Managers (PMs)
6. Alternative Investment Funds (AIFs)
7. Collective Investment Schemes (CIS)
It is yet to be seen, whether this will benefit the AMCs or not, as now it is just an additional facility for proof of address. PAN will still be required for KYC purpose because this is a SEBI and Finance Ministry guideline.
At present, SEBI has not stipulated any online authentication for the authenticity of the ‘Aadhaar Letter’. The database of all UID holders is stored in the Central Identification Data Repository (CIDR). The real game changer will be when the connectivity with CIDR is established.
The ‘Aadhaar Letter’, is not yet recognized as a valid document for ‘Address Proof’, for opening Bank Accounts, however in PTI Press Release this has been mentioned.
The same Press Release has been faithfully repeated by other leading Indian newspapers too!!