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Aadhaar Soon To Be Mandatory For All the Financial Transactions

According to the Economic Times, the Government has been experiencing some fall down issues lately related to the PAN linked to Aadhaar. The Government feels that the Personal Account Number (PAN) is not enough to cork out the tax leak issues in the financial markets.

With keeping an eye open on the controlling practices on the laundering of money through the stock market, the Security and Exchange Board of India (SEBI) has to outline to link Aadhaar with all the financial market transactions. There are still discussions going on with the linking Aadhaar with the Financial markets. The Top Executives of SEBI have informally informed the market intermediaries about the possibility of linking the Aadhaar with the Financial Market Transactions.

The Investors and traders may soon need to provide their Aadhaar details to purchase stocks and mutual funds.

But the main problem is that this issue has kept on hold. There’s a 50-50 percent of chances getting the Aadhaar linked. The final date is still pending to be declared. Besides that, Aadhaar introduces a new feature of linking Aadhaar with Know Your Customer to check for the mutual fund’s transactions online. The benefit of this feature is that you don’t have to go and hunt for the fund houses to submit your forms and get their signatures verified in person. The Government announces a brand new deadline date to link the Aadhaar with the PAN  Card, bank accounts, and mobile numbers. The deadline date for this is December 31st.

Some brokerages are in the favor of the decision and have urged the SEBI to extend the e-KYC dates. Taking this above point into consideration the Chairman of IIFL Group, Nirmal Jain has quoted that:

Linking financial market transactions to Aadhaar will be an important step to make India a corruption-free country
Many of the market investors are in the support of linking PAN with Aadhaar, they say that PAN Card is unique in its own way, but due to a lot of duplicate PAN cards and fake demit accounts used to launder and swindle out the money in the market.

Nirmal Jain ends up with a statement saying that

It is important that the Government replaces PAN and other identification documents with Aadhaar in financial markets and other services to make it more convenient for the people

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