India’s oldest stock exchange BSE today asked asset management companies to ensure that individual clients compulsorily submit their Aadhaar details from January as part of compliance with anti-money laundering rules.
The instruction has been issued after the government amended in June, the Prevention of Money Laundering (Maintenance of Records) Rules with regard to collection of Aadhaar number from clients.
Various requirements related to the amended rules have been “made mandatory, with effect from Jan. 1, 2018”, according to a BSE circular issued for the mutual fund segment.
In case a client is an individual who is eligible to be enrolled for Aadhaar, he or she will have to submit the Aadhaar number to the reporting entity – the asset management company, the exchange said.
Further, a client without an Aadhaar number will have to furnish proof of application for enrolment of Aadhaar. In case the PAN is not submitted, one certified copy of an officially valid document will have to be furnished.
If an individual client is not eligible to be enrolled for Aadhaar number, he or she should submit PAN or Form number 60 to the AMC. If the client does not submit the PAN, he/she will have to provide one certified copy of an 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.BSE Circular
The exchange said that if the client is already having an account based relationship with reporting entities prior to June 1, then client will have to submit the Aadhaar number and PAN by month end.
"...submission of Aadhaar details are required only for non-demat transactions on BSE StAR MF platform," it added.
It said, "a facility will be given to the members to provide Aadhaar details through manual registration as well as bulk upload. A detailed operating procedures on the same shall be informed shortly".