SEC and CSE partner with DRP to boost identity verification process

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) announced this morning that a “progressive national digital initiative” has been embarked upon by entering into a Memorandum of Understanding (MoU) with the Department for Registration of Persons (DRP).

According to the SEC, the move would enable the CSE and the Central Depository Systems (CDS) to obtain digital verification of the National Identity Card (NIC) details available with the DRP when a person wishes to open a CDS account via the CSE digital App, based on the consent obtained from the ID card holder. It stressed that a feature of obtaining consent is also built into the App.

The collaboration is part of the initiative launched by Prime Minister Mahinda Rajapaksa last week which aimed at digitalising the end-to-end operations of the Colombo bourse.

The identity verification system is supported by the Information and Communication Technology Agency of Sri Lanka (ICTA) and is the first time the process with the 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.