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Sri Lanka stock exchange to verify new client IDs online

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange and the Central Depository System will verify identities of persons with the Department of Registrations online when opening accounts through an app, as part of going digital, the Securities and Exchange Commission said.

The SEC, CSE and had entered into an agreement with the Department for Registration of Persons to get digital verification of details of the National Identity Card number after getting the consent of the holder.

“The feature of obtaining consent is also built into the App,” the SEC said. The system to digitally verify the particulars of an ID card holder is supported by the Information and Communication Technology Agency of Sri Lanka (ICTA).

“This is the first time this verification process with the Department for Registration of Persons (DRP) has been made available based on the provisions of the Registration of Persons Act read with the Regulations made under the Electronic Transactions Act No. 19 of 2006.”

The SEC and CSE is engaged in a drive to “digitalize the end-to-end operations of the stock market. (Colombo/Sept21/2020)