Aadhaar must for MFs from Jan 1

New Delhi, December 12

The BSE today asked asset management companies to ensure that individual clients compulsorily submit their Aadhaar details from January onwards as part of compliance with anti-money laundering rules.

The instruction has been issued after the government amended, in June, the Prevention of Money Laundering Rules with regard to collection of Aadhaar number from clients.

Various requirements related to the amended rules have been “made mandatory, with effect from January 1, 2018”, according to a BSE circular issued for the mutual fund segment.

In case a client is an individual who is eligible to be enrolled for Aadhaar, he or she will have to submit the Aadhaar number to the reporting entity — asset management company (AMC), it said.

Further, if Aadhaar number has not been assigned to a client, the client will have to furnish proof of application for enrolment of Aadhaar and in case the PAN is not submitted, one certified copy of an officially valid document will have to be furnished. — PTI