The Ministry of Finance has authorised five reporting entities, including Groww Mutual Fund, ICICI Securities Limited and Upstox Securities Private Limited, to perform Aadhaar authentication under the provisions of the Prevention of Money-laundering Act, 2002 (PMLA).
The five reporting entities authorised under the notification are: Groww Mutual Fund, ICICI Securities Limited, Upstox Securities Private Limited, Cybrilla Technologies Private Limited, and Aaritya Broking Private Limited.
The authorisation has been granted in exercise of powers conferred under the proviso to Section 11A(1) of the Prevention of Money-laundering Act, 2002. The government stated that the concerned reporting entities comply with the standards of privacy and security prescribed under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.
According to the notification, the government issued the approval after consultation with the Unique Identification Authority of India (UIDAI) and the Securities and Exchange Board of India (SEBI). The approval enables the entities to carry out Aadhaar authentication for purposes connected with Section 11A of the PMLA, which deals with client due diligence and identity verification mechanisms.
The notification signifies a continued expansion of Aadhaar-based authentication mechanisms within the financial and securities ecosystem. Such authorisation allows reporting entities regulated by SEBI to conduct Aadhaar authentication for customer onboarding and verification processes in compliance with anti-money laundering obligations under the PMLA framework.
The Ministry clarified that the permission has been granted only after satisfaction regarding adherence to privacy and security safeguards mandated under the Aadhaar Act.
Notification Details
Notification No. F. No. P-12011/3/2022-ES Cell-DOR
Date: 27/05/2026