MUMBAI: Aadhaar may soon become mandatory for buying shares and mutual funds. Top Sebi officials have informally sounded out select market intermediaries about the possibility of linking Aadhaar to financial market transactions, a top official with a financial services firm familiar with the development said.“We have been told that making Aadhaar compulsory is in the offing,” the official said. Brokers said mandatory Aadhaar could play a key role in weeding out some of the ills of the stock market. “It is important that the government replaces PAN and other identification documents with Aadhaar in financial markets and all other services to make it convenient for people,” he added. Aadhaar also has the potential to be abused, for example, by using this tag to collate information on a person’s financial history.

Source: Economic Times August 09, 2017 18:50 UTC