India, Feb. 25 -- A provision that mandates Aadhaar-PAN linkage for demat accounts stands on firm constitutional and legal footing, the Orissa high court has ruled, observing that while it acknowledged concerns regarding data security and privacy, they do not outweigh the compelling need for regulatory oversight in the securities market.

"By linking Aadhaar, a unique biometric-based identity, with PAN, the authorities can effectively track income, detect discrepancies, and curb tax evasion within the securities market. The linkage requirement, coupled with strict enforcement by regulatory bodies like SEBI and NSDL, ensures that Demat accounts remain a legitimate channel for investment rather than a tool for illicit financial activities,"...