The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) has entered into a Memorandum of Understanding (MoU) with the Commissioner General, Department for Registration of Persons (DRP).
The MoU enables the CSE and the Central Depository System (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. 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 on September 17.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.