Now that SC has passed judgement that Aadhar cannot be demanded by private companies.
Will Brokerage houses still demand for it? I ask this because companies don’t really care about SC orders and bypass them all the time in our country.
Even today if you want to open a new demat or trading account , Aadhar is mandatory? So what is a citizen supposed to do? Please elaborate on this as to why financial institutions do this?
Will Zerodha delete/delink Aaadhar data from their servers? and will there be any guarantee for it?
Aadhar is not mandatory and as an address proof you can either give self attested copy of driving licence /pass port /bank pass book etc which contains the present address. these agencies must not insisit on only aadhar.
Honestly, it will be interesting to see, if new accounts can still be opened using Digio or similar services.
To be honest, using phone OTP as digital signature(although v convenient) is being misused on mass scale.
Think most likely UIDAI would stop giving access of Adhaar verification to private companies(like HDFC Bank, Zerodha, Jio etc ) and this would in-turn require paper based forms for all new accounts.
@trader_dude sometime last year, there was a circular put saying it will be mandatory for trading account along with bank etc to have AADHAR mapped mandatorily. But then it was taken back, and it has never been mandatory.
At Zerodha we had never made it mandatory to map or provide an AADHAR while account opening. The regulation to remove AADHAR numbers etc came in last year itself, we already don’t store any AADHAR numbers. To open an account completely digitally, AADHAR is required for digitally signature. For offline accounts, there is no need of AADHAR.
So yeah, it is not mandatory and it has never been.
you are the only brokerage house in India currently that allow people to open accounts WITHOUT aadhar.
Every other brokerage house wants aadhar to open a new trading account. To confirm this i checked with atleast 2 brokerage houses today and they confirmed that they still require aadhar to open a new trading account OFFLINE.
Aadhar is completely unconstitutional and kudos to you and your company to fight it.
Good on Zerodha. Now i have one more reason to recommend Z to my friends.
The judgement specifically removes section 57 and hence private companies like Jio/Paytm/ Zerodha etc cannot get access to Adhaar database.
This should mean that adhaar based authentication is not allowed for any private company since yesterday and hence ekyc process(digital signature) should be stopped.
But again, my interpretation is my interpretation and not your interpretation
Agreed that majority judgement is in favour of aadhar.
But look at what Justice D Y Chandrachud said. He is of the opinion that aadhar is unconstitutional and must be destroyed.
I agree with him.
The NDA govt has fooled everyone. They said aadhar had benefited but when the wire and other human rights groups filed RTI, they found out aadhar had not benefited like the govt claimed.
Justice D Y Chandrachud is the real hero here. CJI was compromised when the 4 judges gave out the press conference few months back.
More importantly people need to see that govt cannot control peoples lives with powerful switch like aadhar in their hands.
I believe you. However, I don’t have an Aadhaar card, and I managed to get an Uptox account, though it did involve some gyrations that I didn’t really understand. The person I dealt with at Upstox for the account opening was Kamran Mulla, who was really exceptionally helpful. I suspect the rest of Upstox probably is not so much. But I think I’ve heard from other people at Upstox that the Aadhaar card is not required for the offline forms. And it’s also quite clear it’s not required if you look at the Upstox offline forms themselves.
At one point I filled in the online form and entered my Aadhaar card number as a string of zeros, as per Mr. Mulla’s instructions, though I eventually submitted the offline version. And I then had the online version rejected as incomplete/incorrect. I didn’t (and don’t) understand what the point of that was, but sometimes (and especially in India) one just gives up and goes with the flow. In any case, I did eventually get an account.
And for the record, I hate the Aadhaar Card and everything about it, and wish it had never been heard of.
