SEBI Embraces e-KYC Setu for Streamlined Digital Verification
The Securities and Exchange Board of India (SEBI) has approved the use of the National Payments Corporation of India's 'e-KYC Setu System' by registered intermediaries for Aadhaar-based e-KYC authentication, enhancing efficiency in the securities market with an alternative digital Know Your Client process.
- Country:
- India
The Securities and Exchange Board of India (SEBI) announced on Monday a significant step towards enhancing ease of business by allowing registered intermediaries to utilize the 'e-KYC Setu System' developed by the National Payments Corporation of India (NPCI) for Aadhaar-based e-KYC authentication.
Currently, intermediaries in the securities market rely on the Unique Identification Authority of India (UIDAI) for e-KYC services. The introduction of this system offers a valid digital Know Your Client (KYC) verification method, aligning with existing mechanisms such as the KYC User Agency and Digilocker.
SEBI highlighted that the NPCI-set development, created in collaboration with UIDAI, digitizes customer onboarding. This new system provides registered intermediaries with an additional tool for conducting Aadhaar-based digital KYC processes efficiently.
- READ MORE ON:
- SEBI
- e-KYC
- Setu
- System
- NPIP
- Aadhaar
- verification
- UIDAI
- market
- simplification
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