"10. Maintenance of the records of the identity of clients.

(1) Every banking company or financial institution or intermediary, as the case may be, shall maintain the records of the identity of its clients.

(2) The records of the identity of clients shall be maintained in hard and soft copies in a manner as may be specified by the Reserve Bank of India [ or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority, as the case may be, ]* from time to time.

(3) The records of the identity of clients shall be maintained for a period of ten years from the date of cessation of the transactions between the client and the banking company or financial institution or intermediary, as the case may be."

* Inserted by Notification No. 15/2005 dated 13-12-2005