Hello
@anwyl, Your Aadhar details are not compromised by us in any way. All financial service providers will need access to this to ensure that your Aadhar details are updated in the KYC Registration Agencies. Whether this is done physically or digitally does not make too much of a difference. It's just that our process is a bit slower as of now
(Take a few days) due to IL&FS
(Our DP partner). Yes, although I agree with you the implementation of Aadhar based E-KYC has not been smooth by the government. So far, it has at best been patchy. Now finally, things are looking more organized and soon we will have the digital account opening process when we become a Depository Participant
(DP) ourselves.
Yes, you are right. Maybe, some people would sign up with another broker because the process is quicker but that's their decision at the end of the day. We have to live with our limitations until we have the solution ready. Just to let you know, security risks are not high as you are assuming. Historically, KYC process has been physical for every financial agency and the process was slow but relatively efficient. I speak from years of personal experience. Aadhar will make things easier and consolidate records, that's about it. If you consider changing your decision, do try us out. We'll try to make it worth it.
All the best!