Skip to main content

Sebi seeks update from bourses on clients Aadhaar nos

By
Sebi seeks update from bourses on clients Aadhaar nos
Markets regulator Sebi has asked stock exchanges to submit a monthly progress report on collection of Aadhaar numbers by its members, according to a circular. This follows the governments amending in June the Prevention of Money Laundering (Maintenance of Records) Rules with regard to collection of Aadhaar number from clients. In a circular, the National Stock Exchange (NSE) has asked all its members to update +the Aadhaar number of their clients to comply with the amended prevention of money laundering (PML) rules.
"Sebi has asked the exchange to submit a progress report on the collection of the Aadhaar number by the members on a monthly basis. "In view of the same, members are requested to update the Aadhaar number of their clients, wherever provided, in the UCC (Unique Client Code) database of exchange," said the circular, dated September 27. On the basis of updation by the members in the UCC database, NSE would share the monthly report with Sebi.
Last month, BSE had asked trading and clearing members to report preparedness for furnishing Aadhaar details of their clients by the year-end. "the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 has been amended as per the gazette notification dated June 1, 2017, inter alia, to provide for submission of Aadhaar number, where the client enters into an account based relationship with reporting entity," BSE had said in a circular. In the case of companies, a manager, officer or employees holding "attorneys to transact" on a companys behalf have to submit their Aadhaar details.
With regard to partnership firm, trust and unincorporated association or body of individuals, the person holding attorney to transact on the entitys behalf has to provide Aadhaar details to the exchange. As per the amended PML rules, where the client has not submitted Aadhaar number at the time of commencement of account-based relationship with the reporting entity, then the same should be furnished within six months.
The period would be calculated from the date of starting the account-based relationship. For clients having an account-based relationship with reporting entities prior to June 1, Aadhaar details have to be submitted by December 31, 2017. In case of failure to submit the documents within the prescribed time limit, the account would be suspended till the Aadhaar details are submitted by the client. Following the amended PML norms, banks have already sought Aadhaar details from their customers.

The Business Standard, New Delhi, 29th september

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more