Aadhaar mandatory for stock markets: Brokers ask for more time

STOCK MARKET have asked brokers to furnish Aadhaar details for all their existing clients before the end of this year. Brokers fear they won't be able to meet the deadline and have asked for more time for compliance.

"The December deadline will be slightly cumbersome in terms of achieving 100 per cent compliance. We have told stock exchanges to give us a year to complete the full database," said CJ George, MD, Geojit Financial Services.

"There are legacy clients. There are a lot of investors who are not active now but were active in the past. We have asked for time for such accounts. Even if we give notice, they won't respond," he added.

In a notice last week, stock exchanges directed brokers to cease the accounts of clients who fail to submit Aadhaar details by December 31, 2017. Clients who have opened trading accounts after June 1, 2017, have been given six months to submit details.

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