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Biometric video eKYC launched for securities account onboarding by CDSL Ventures

Biometric video eKYC launched for securities account onboarding by CDSL Ventures

CDSL Ventures can perform eKYC authentication using the biometrics-backed Aadhaar digital identity system after it received approval from the Unique Identification Authority of India (UIDAI).

The Times of India reports that the firm has been accepted as a local Authentication User Agency (AUA) and eKYC User Agency (KUA), the latter allowing people in India to have their identity verified to open a financial services account.

Customers can voluntarily submit their biometrics as part of a video eKYC check to open a securities account.

The company says it plans to provide the service to intermediaries so they can offer seamless online account opening. The Securities and Exchange Board of India (SEBI) allows registered intermediaries and mutual fund distributors to contract authentication services from approved companies and register with the UIDAI as sub-KUAs.

CDSL is a wholly-owned subsidiary of Central Depository Services (India) Limited, one of the companies designated as a possible eKYC provider by SEBI in May.

Video eKYC processes have been approved for a growing number of processes in India, including consumer bank account opening, and Tech5 and ID R&D partnered earlier this year to launch a biometric service for video eKYC checks in the country.

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