SEBI permits 39 entities to use e-KYC Aadhaar services

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The Securities and Exchange Board of India (SEBI) recently listed 39 entities to use the e-KYC Aadhaar authentication services in the securities market as a sub-KYC (know your customer) user agency, under the Prevention of Money Laundering Act, 2002.

The move is aimed at preventing money laundering. The recently listed entities include Nirmal Bang Securities, NJ India Invest and Muthoot Securities, Indbank Merchant Banking Services, Orbis Financial Corporation, Indo Money Securities, HSB Securities and Equities, Flourish Fincap and Vogue Commercial Company.

In May 2020, the capital markets regulator listed eight entities, including the Bombay Stock Exchange, to use the Aadhaar Authentication service of the Unique Identification Authority of India (UIDAI) as a KYC user agency (KUA) in the securities market.

“The above-mentioned entities shall enter into an agreement with a KUA and get themselves registered with the UIDAI as sub-KUAs,” the SEBI circular stated.

“The agreement in this regard shall be as prescribed by the UIDAI … The KUAs shall facilitate the on-boarding of these entities as sub-KUAs to provide the services of Aadhaar authentication with respect to KYC.”

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