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e-KYC Authentication facility under section 11A of the Prevention of Money Laundering Act, 2002 by Entities in the securities market for Resident Investors

..... ck Brokers through Recognized Stock Exchanges 4. Depository Participants through Depositories 5. Association of Mutual Funds in India 6. Mutual funds through AMFI 7. Portfolio Managers 8. KYC Registration Agencies (KRAs) 9. Alternative Investment Funds (AIFs) 10. Collective Investment Schemes (CIS) 11. Custodians 12. Investment Advisors Dear Sir/Madam, Subject: 1. SEBI simplified the account opening process for investors vide Circular No. CIR/MIRSD/16/2011 dated August 22, 2011. Further, SEBI vide circular MIRSD/SE/Cir-21/2011 dated October 05, 2011 issued guidelines for uniform KYC requirements for investors while opening accounts with any intermediary in the securities market. 2. SEBI vide Circular No. CIR/MIRSD/09/2012 dated August 13, 2 .....

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..... 2019 on procedure for processing of applications under section 11A of the Prevention of Money Laundering Act, 2002 ( PMLA ), for use of Aadhaar authentication services by entities other than the Banking companies. In terms of the said circular, if the Central Government is satisfied with the recommendations of the Regulator and Unique Identification Authority of India ( UIDAI ) and reporting entity complies with such standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 ( Aadhaar Act ), and it is necessary and expedient to do so, it may by notification, permit such entity to carry out authentication of the Aadhaar number of clients using e-KYC authenticatio .....

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..... YC facility to complete the KYC of the client. 9. These entities would be registered with UIDAI as KYC user agency ( KUA ) and shall allow all the SEBI registered intermediaries / mutual fund distributors to undertake Aadhaar Authentication of their clients for the purpose of KYC through them. 10. The SEBI registered intermediaries / mutual fund distributors, who want to undertake Aadhaar authentication services through KUAs, shall enter into an agreement with any one KUA and get themselves registered with UIDAI as sub-KUAs. The agreement in this regard shall be as may be prescribed by UIDAI. 11. Upon notification by the Central Government / registration with UIDAI, the KUAs and sub-KUAs shall adopt the following process for Aadhaar e-KYC o .....

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..... nted persons for e-KYC through Aadhaar. b. SEBI registered entities (Sub-KUAs) will perform e-KYC using registered / Whitelisted devices with KUAs. c. KUA will ensure that all devices and device operators of Sub-KUA are registered / whitelisted devices with KUA. d. Investor will enter Aadhaar No. or Virtual Id and provides consent on the registered device. e. Investor provides biometric on the registered device. f. SEBI registered intermediary (Sub-KUA) fetches the e-KYC details through the KUA from UIDAI which will be displayed to the investor on the registered device. g. Investor will also provide the additional detail as required. 12. The KUA/ sub-KUA while performing the Aadhaar authentication shall also comply with the following: a. Fo .....

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..... ders. h. UIDAI may conduct audit of all KUAs and Sub KUAs as per the Aadhaar Act, Aadhaar Regulations, AUA/KUA Agreement, Guidelines, circulars etc. issued by UIDAI from time to time. i. Monitoring of irregular transactions - KUAs shall develop appropriate monitoring mechanism to record irregular transactions and their reporting to UIDAI. j. Investor Grievance Handling Mechanism - Investor may approach KUA for their grievance redressal. KUA will ensure that the grievance is redressed within the timeframe as prescribed by UIDAI. KUA will also submit report on grievance redressal to UIDAI as per timelines prescribed by UIDAI. 13. Onboarding process of KUA/Sub-KUA by UIDAI: a. As provided in the DoR circular dated May 09, 2019, SEBI after scru .....

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