ID card particulars of those opening CDS accounts via CSE app to be verified digitally

From left: CSE Chief Executive Officer Rajeeva Bandaranaike, Board Director Dilshan Wirasekara, Board Director Jayantha Fernando, Chairman Dumith Fernando, DRP Commissioner General Viyani Gunathilaka, SEC Chairman Viraj Dayaratne PC, Director General Chinthaka Mendis and Commission Member Naresh Abeyesekera

• SEC, CSE enter MoU with Registration of Persons Department 

The Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) have entered into a memorandum of understanding (MoU) with the commissioner general, Department for Registration of Persons (DRP), 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. 

The feature of obtaining consent is also built into the app.

This was part of the initiative to digitalise the end-to-end operations of the Sri Lankan stock market, which was launched by Prime Minster Mahinda Rajapaksa, on September 17, 2020. 

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 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.