Aadhaar to become mandatory for buying shares and mutual funds

aadhar-1Aadhaar may soon become mandatory for buying shares and mutual funds. The Union Government and Market Regulator SEBI are formulating a plan in this regard.

Currently, permanent account number (PAN) is mandatory for stock market transactions, but Aadhaar may soon be made compulsory to buy shares and mutual funds.

Union Government is going to issue orders making Aadhar inevitable for buying of Shares and Mutual Funds hereafter. The unique ID can be used for conducting the mandatory know-your-client (KYC) check for mutual fund transactions online.

Authorities have informed that they are going to take this decision to prevent measures of turning black money into white through stock markets.