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Introduction: The Ministry of Finance, Department of Revenue, issued a significant notification, S.O. 810(E), dated 20th February 2024. This notification, exercised under the powers conferred by provisos to sub-section (1) of section 11A of the Prevention of Money-laundering Act, 2002, brings forth a list of reporting entities authorized for Aadhaar authentication. The move emphasizes compliance with privacy and security standards under the Aadhaar Act, 2016.

Detailed Analysis: The notification comprises a comprehensive table enumerating the serial numbers and the corresponding reporting entities mandated for Aadhaar authentication. Entities such as TATA Securities Limited, Nine Star Broking Private Limited, and Bajaj Finserv Direct Limited are included in this list. The Ministry’s decision, taken in consultation with the Unique Identification Authority of India and the Securities and Exchange Board of India, underscores the necessity and expediency of this authentication service.

The reporting entities are essential cogs in the financial machinery, playing a pivotal role in the targeted delivery of financial subsidies, benefits, and services under the Aadhaar Act. The Ministry’s satisfaction with their compliance with privacy and security standards signifies a strategic alignment with the evolving landscape of financial regulations.

Conclusion: In conclusion, the Ministry of Finance’s notification S.O. 810(E) marks a significant step in leveraging Aadhaar authentication for the prevention of money laundering. The collaboration with regulatory authorities and the emphasis on privacy standards reflects the government’s commitment to robust financial systems. Stakeholders and the general public are encouraged to stay informed about these developments, as they underscore the evolving intersection of technology, finance, and regulatory frameworks in India.

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MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 20th February, 2024

S.O. 810(E).— In exercise of the powers conferred by provisos to 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 regulatory authority, namely, the Securities and Exchange Board of India, hereby notifies the reporting entities to perform authentication service under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act, namely:-

TABLE

Serial Number

Reporting Entities
(1) (2)
1 TATA SECURITIES LIMITED
2 GANPATI FINSEC PRIVATE LIMITED
3 KANTILAL CHHAGANLAL SECURITIES PRIVATE LIMITED
4 NINE STAR BROKING PRIVATE LIMITED
5 GUARDIAN CAPITAL PARTNERS FUND
6 ABAKKUS ASSET MANAGER LLP
7 MONEYWISE FINVEST LIMITED
8 MANASHVI SECURITIES LIMITED
9 COCHIN STOCK BROKERS LIMITED
10 VIJIT GLOBAL SECURITIES PRIVATE LIMITED
11 GRESHMA SHARES & STOCKS LIMITED
12 HORNIC INVESTMENT PRIVATE LIMITED
13 MF UTILITIES INDIA PRIVATE LIMITED
14 RAJEEV JHUNJHUNWALA
15 PENTAD SECURITIES PRIVATE LIMITED
16 KIFS TRADE CAPITAL PRIVATE LIMITED
17 SW CAPITAL PRIVATE LIMITED
18 FINOPIA FINTECH PRIVATE LIMITED
19 BAJAJ FINSERV DIRECT LIMITED
20 QUANTECH CAPITAL INVESTMENT ADVISORS PRIVATE LIMITED
21 ARIJIT MAZUMDAR
22 SANKALPNARAYAN KRISHNAN
23 SKY COMMODITIES INDIA PRIVATE LIMITED
24 CHOLAMANDALAM SECURITIES LIMITED

[F.No. P-12011/3/2022-ES Cell-DOR(Part-1)]
MANOJ KUMAR SINGH, Director (Headquarter)

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