Section 9(6) in The Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the .. of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005
(6)Where the client is an unincorporated association or a body of individuals, it shall submit to the banking company, or the financial institution or the intermediary 16 [one certified copy] of the following documents:—(i) resolution of the managing body of such association or body of individuals;(ii)power of attorney granted to him to transact on its behalf;(iii)an officially valid document in respect of the person holding an attorney to transact on its behalf; and(iv)such information as may be required by the banking company or the financial institution or the intermediary to collectively establish the legal existence of such an association or body of individuals. 17 [(6A) Where the client is a juridical person, the banking company, financial institution and intermediary, as the case may be, shall verify that any person purporting to act on behalf of such client is so authorised and verify the identity of that person.] 18 [(7) (i) The regulator shall issue guidelines incorporating the requirements of sub-rules (1) to (6A) above and may prescribe enhanced measures to verify the client's identity taking into consideration type of client, business relationship or nature and value of transactions.(ii) Every banking company, financial institution and intermediary as the case may be, shall formulate and implement a Client Identification Programme to determine the true identity of its clients, incorporating requirements of sub-rules (1) to (6A) and guidelines issued under clause (i) above.]
