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From January, Aadhaar must for AMC’s clients

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New Delhi :The Bombay Stock Exchange (BSE) on Tuesday asked asset management companies (AMCs) to ensure that individual clients compulsorily submit their Aadhaar details from January 2018 onwards, as part of their 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, reports PTI. Various requirements related to the amended rules have been “made mandatory, with effect from January 1, 2018”, according to the BSE circular issued for the MF 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 — AMC, the exchange said. Further, if Aadhaar number has not been assigned to a client, the client will have to furnish proof of application for enrolment of Aadhaar and in case the PAN is not submitted, one certified copy of an officially valid document will have to be furnished. If such individual client is not eligible to be enrolled for Aadhaar number, then he or she should submit to PAN or Form number 60 to AMC.

   If the client does not submit the PAN, he/she will have to provide one certified copy of a valid document containing identity, and address details, 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,” the BSE said.


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