Regulations
SEBI allows Aadhaar as valid address proof for investors

SEBI said, Aadhaar letter issued by UIDAI would be admissible as proof of address in addition to its presently being recognised as proof of identity

 
New Delhi: Market regulator Securities and Exchange Board of India (SEBI) has said investors can use 'Aadhaar' letters as a valid address proof for their accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities, reports PTI.
 
'Aadhaar', a 12-digit individual identification number issued by Unique Identification Authority of India (UIDAI), is already permitted as a valid identity proof document in the capital market.
 
The other documents permitted to be used as address proof in the capital market include passport, driving licence, voter ID card, ration card, bank statement and utility bills, while valid ID proof documents also include PAN (Permanent Account Number) card.
 
Aadhaar is also permitted as valid ID proof and address proof documents in the know your customer (KYC) procedures for opening of bank accounts, insurance, telecom and many other services.
 
Now, Aadhaar can be used as 'Proof of Address for Know Your Client (KYC) norms' of capital market, SEBI said in a circular issued to mutual funds, brokers, depository participants, portfolio managers, alternative investment funds and collective investment schemes, among other market entities.
 
"In consultation with UIDAI, Government of India, it has now been decided that the Aadhaar Letter issued by UIDAI shall be admissible as proof of address in addition to its presently being recognised as proof of identity," SEBI said.
 
SEBI has informed the same to Association of Mutual Funds in India (AMFI) and KYC Registration Agencies (KRAs) as well.
 
UIDAI was set up by the government in 2009 with a mandate to issue every resident a unique ID number linked to the resident's demographic and biometric information, which they can use to identify themselves anywhere in India, and to access various services. This unique ID number was later named 'Aadhaar'.
 

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COMMENTS

Prashant

4 years ago

The move of SEBI to allow investors adhaar as a valid id proof will help them to get rid of those heavy documents just to prove there identity. Its a nice move and more and more agencies and fields are starting to use aadhaar as the main id proof its a good signal.

India’s balance of payments position on a razor’s edge, says Nomura

The sharp drop in exports and higher oil prices in India are offsetting the improvement in the country’s trade deficit, says Nomura Economic Research

 
Nomura Economic Research believes that India's balance of payments position is on a razor's edge. This is predominantly due to the fact that oil prices are already above $110/bbl, and that there have been large external commercial borrowing redemptions and rising FDI repatriation. 
 
According to initial estimates by the ministry of commerce, India’s trade deficit widened to $15.5 billion in July 2012 from $10.3 billion in June 2012. Exports contracted for the third straight month, by 14.8% y-o-y (year-on-year) last month, following a 5.5% contraction in June 2012. There has been weaker demand from the US and Europe and a strong negative base effect, which has more than offset the positive impact of rupee depreciation. 
 
Likewise, imports contracted 7.6% y-o-y in July 2012 after a 13.5% decline in the same month last year, reflecting weak domestic demand and negative base effects.
 
Nomura believes that the bounce back in oil prices has increased the oil import bill over June 2012. Non-oil imports have started to fall, reflecting a slowing economy.  The sharp drop in exports and higher oil prices are offsetting the improvement in the country’s trade deficit. 
 
The global financial agency expects the lagged effect of rupee depreciation and lower oil prices to narrow the current account deficit to around 3% of GDP in FY13 (year ending March 2013) from a record high of 4.2% in FY12. 
 

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COMMENTS

M G WARRIER

4 years ago

One wishes, those managing the country's finances also keep a close watch on the balance of payment fluctuations along with analysts and researchers. Recently there was an observation by Dr C Rangarajan that import of gold in the recent past was very high. While oil bills may have to be under 'essential' category, import of gold and several other luxury articles and expenses on 'lifestyle' of top businessmen, politicians and bureaucrats may have to be pruned.

L&T Construction to develop New Cuffe Parade project of Lodha

Spread over 23 acres, the ‘New Cuffe Parade' project will entail an investment of around Rs10,000 crore from the Lodhas over the next five to seven years

 
Mumbai: L&T Construction on Tuesday said it has won a contract from Lodha Developers to construct the iconic residential project 'New Cuffe Parade' in the city, reports PTI.
 
L&T Construction's Buildings and Infrastructure (B&F) division will be constructing this project using advanced technique, the company said in a statement.
 
Spread over 23 acres, the project will entail an investment of around Rs10,000 crore from the Lodhas over the next five to seven years, making it one of the largest private investments in the Mumbai metropolitan region.
 
In its first phase, New Cuffe Parade will comprise four 63-storey towers with over 15 acres dedicated for lush green landscape, the statement said.
 
"B&F IC has been offering pioneering solutions in residential buildings that cover design and construction of large townships and high-rise apartments. The company will be finishing construction of 63 storey towers in record time," it said.
 
The project is designed by WOHA, the world's foremost 'green' architects for high-rise buildings, with landscape consultancy from Sitetectonix, Singapore.
 

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