Registered intermediaries allowed to use 'e-KYC Setu System' of NPCI for Aadhaar based e-KYC authentication

Mumbai (Maharashtra) [India], June 30 : Securities and Exchange Board of India (SEBI) on Monday allowed registered intermediaries to use 'e-KYC Setu System' of National Payments Corporation of India to perform Aadhaar-based e-KYC authentication for ease of doing business, the markets regulator said in a statement.

Under the present framework, registered intermediaries use e-KYC services of the Unique Identification Authority of India (UIDAI) in the securities market.

This service has been accepted as a valid process for digital Know Your Client (KYC) verification using KYC User Agency (KUA /Sub-KUA) mechanism and /or the Digilocker.

To further facilitate ease of doing KYC, it is stated that registered intermediaries can also use the 'e-KYC Setu System' of National Payments Corporation of India (NPCI) to perform digital KYC.

NPCI, along with UIDA,I has developed and implemented a system known as 'e-KYC Setu System' to enable digitisation of the customer onboarding.

"Registered intermediaries may use the facility of 'e-KYC Setu System' to perform digital KYC, as an additional alternate mechanism available to the them to carry out Aadhaar based e-KYC of their clients," SEBI said in the statement.

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