FMC allows e-KYC from UIDAI

Forward Markets Commission has today allowed e-kyc or know your client process available electronically. FMC said in a circular issued to commodity exchanges that based on consultations with market participants, "it has been decided to accept e-KYC service launched by Unique Identification Authority of India (UIDAI) also, as a valid process for KYC verification."

The commission had earlier allowed Adhar card as proof of identity. The circular coming in to force with immediate effect further says that, the information containing relevant client details and photograph, made available from UIDAl as a result of e-KYC process shall be treated as sufficient proof of Identity and Address of the client. However, the client will need to authorize the intermediary to access his data through UIDAI system.