Aadhaar made mandatory for AMC clients from January 2018
The submission of Aadhaar details are required only for non-demat transactions on the BSE StAR MF Platform.
As part of compliance with anti-money laundering rules, the Bombay Stock Exchange has asked all the Asset Management Companies (AMCs) to ensure that their clients data are linked with Aadhaar card details before January 2018.
This directive comes after when the Ministry of Finance in consultation with the Reserve Bank of India (RBI) dated June 01, 2017, issued the Prevention of Money Laundering (Maintenance of Records) Rules in regards to linking Aadhaar detail with mutual funds account.
It may be noted that the submission of Aadhaar details are required only for non-demat transactions on BSE StAR MF Platform.
The BSE in its notification said, "A facility shall be given to the members to provide Aadhaar details through manual registration as well as bulk upload. The format of the bulk upload is attached herewith. A detailed Operating procedures on the same shall be informed shortly."
According to the BSE, these are the clients for whom Aadhaar is mandatory with effective from January 1, 2018.
- Where client is an individual who is eligible to be enrolled for Aadhaar, he / she shall submit the Aadhaar number issued by the UIDAI & PAN to the Reporting entity, i.e. AMC
- Where Aadhaar number has not been assigned to a client, the client shall furnish proof of application for enrolment of Aadhaar and in case the PAN is not submitted, one certified copy of an officially valid document shall be submitted
- If such individual client is not eligible to be enrolled for Aadhaar number, he / she shall for the purpose of the revised rule, submit to the Reporting entity, PAN or Form no. 60
- If the Client does not submit the PAN, he/she shall submit one certified copy of officially valid document containing details of identity, address and a Photograph
- Where the client is a non-individual, apart from the Constitution documents, Aadhaar numbers and PANs or Form 60 of Managers, Officers or Employees holding an attorney to transact on its behalf shall be submitted. If a person holding an authority to transact on behalf of such entity is not eligible to be enrolled for Aadhaar and does not submit the PAN, certified copy of an officially valid document shall be submitted
- If the client is already having an account based relationship with reporting entities prior to June 1, 2017, the client shall submit the Aadhaar number and PAN by 31st Dec 2017.