Sebi issued directives for sub-KYC user agencies to provide Aadhaar authentication services to their clients for the purpose of know your customer (KYC). Companies to make use of UIDAI (Distinctive Identification Authority of India) Aadhaar authentication companies.
In a round, the Securities and Trade Board of India (SEBI) mentioned that these corporations ought to enter into an settlement with a KUA and register themselves. Sub KUAs with UIDAI. The settlement on this regard shall be as prescribed by the UIDAI.Moreover, the sub-KUAs shall observe the process prescribed by the UIDAI on occasion.”To supply Aadhaar authentication companies with respect to KYC,” the regulator mentioned. In Might 2020, the regulation listed corporations that may perform e-KYC Aadhaar authentication. SEBI-registered intermediaries and mutual fund distributors, in the event that they want to undertake Aadhaar authentication companies by means of KUAs, should enter into an settlement with the KUA and register themselves as sub-KUAs with UIDAI. In the meantime, the Distinctive Identification Authority of India (UIDAI) has invited 20 hackers working to establish and repair vulnerabilities within the safety system that protects Indian residents’ Aadhaar knowledge as a part of a “bug bounty scheme”.
These “moral” hackers shall be given entry to UIDAI’s Central Identification Information Repository (CITR), which shops the Aadhaar knowledge of 1.32 billion Indians, a report mentioned. Up to now there have been incidents of individuals’s Aadhaar particulars being leaked on the web. .