Aadhaar cards’ importance has been enhanced by the Security and Exchanges Board of India (SEBI). The market regulator has released a list of 30 institutions that can use the unique id number for e-KYC. These institutions are linked to financial services. Now these bodies can use the Aadhaar Authentication Service for a variety of purposes. This decision comes two years after it had listed eight agencies that can use UIDAI’s Aadhaar authentication service.
Read More: PM Kisan Samman Nidhi Yojana: Farmers Need To Link Bank Account With Aadhaar By Feb 10. Here’s How
Bung Securities, NJ India Invest and Muthoot Securities are among these 39 companies. Indusind Banking Services, Orbis Financial Corporation, Indo-Money Securities, HSB Securities and Equities, Flourish Fincap and Vogue Commercial companies are among the agencies on the list.
SEBI said in a circular that putting these companies on the list will check money laundering. All these companies will first enter into agreements with KUs. Then they will have to get themselves registered with UIDAI as sub-KUs. UIDAI will frame the agreement. After this, these companies will be onboarded as per rules.
This means, a person will be required to have an Aadhaar card for any market-related activities. Since these companies can now perform KYC using Aadhaar cards, it will be far easier to get KYC done compared to other means.
Read More: PAN-Aadhaar Link: PAN Cards Not Linked To Aadhaar Will Expire After This Date; Steps To Link
Aadhaar cards are already very important for almost all economic activities. The UIDAI project has now eased the process to get a SIM card, banking and other sale and purchase activities.
Meanwhile, the Income Tax department has warned that those who don’t get their PAN cards linked with Aadhaar cards, may have to pay a penalty. Their PAN card will also get cancelled. The last date for the Aadhaar-PAN linking is December 31.
