Financial Daily from THE HINDU group of publications
Wednesday, Nov 26, 2003
Regulatory Bodies & Rulings
ID numbers for securities market players by March
Mumbai , Nov. 25
ALL entities in the securities market and their officials will have to obtain a unique identification number (UIN) by March 2004.
These numbers will form a central database of SEBI, which was launched by its Chairman, Mr G.N. Bajpai, here on Tuesday.
Mr C.B. Bhave, Managing Director, National Securities Depositories Ltd (NSDL), which created the central database called MAPIN, gave the first unique identification number to Mr Bajpai at the launch function.
Market intermediaries such as stock exchanges, brokers, depositories, merchant bankers, underwriters and bankers to the issue will have to obtain the identification number.
"Besides making it compulsory for intermediaries, we have set a target to cover small investors under the central database of market participants," Mr Bajpai said.
In the first phase, SEBI is expected to register 70,000 market participants.
The cost of making the identification card (Rs 300 per person) will have to be borne by the market participants, said Mr Bhave.
The market participants would have to provide UIN for trade transactions.
The database would help the regulator improve quality of investigations, enforcement and data analysis, Mr Bajpai said.
NSDL would use fingerprint technology to identify the actual investors, who are required to obtain code number, he added.
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