Government Permits Aadhaar Authentication for 15 Securities Firms

On August 13, 2024, the Ministry of Finance, under the Prevention of Money-laundering Act, 2002, authorized 15 securities firms to conduct Aadhaar-based authentication. This decision follows the Central Government’s satisfaction that these entities adhere to the required privacy and security standards under the Aadhaar Act, 2016. The approval was granted after consultations with the Unique Identification Authority of India (UIDAI) and the Securities and Exchange Board of India (SEBI). The listed firms include RKSV Securities India Private Limited, OPG Securities Private Limited, SBICAP Securities Limited, and several others. These entities are now permitted to use Aadhaar authentication to enhance the verification process in line with the regulatory framework. This move aligns with the government’s ongoing efforts to bolster security and privacy measures in the financial sector, ensuring that the use of Aadhaar in financial transactions remains secure and compliant with the law.

MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION

New Delhi, the 13^th August, 2024

S.O. 3454(E).— In exercise of the powers conferred by sub-section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to as the Money-laundering Act), the Central Government on being satisfied that the reporting entities mentioned in the Table below comply with the standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016)(hereinafter referred to as the Aadhaar Act), and it is necessary and expedient to do so, and after consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar Act and the appropriate regulator namely, the Securities and Exchange Board of India, hereby permits the said reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act, namely:-

TABLE

[F. No. P-12011/3/2022-ES Cell-DOR (Part-1)]

RIMJHIM PANDEY, Under Secy.