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Sebi seeks update from bourses on clients Aadhaar nos

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


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