The Orissa High Court upheld the validity of mandatory linking of Aadhaar with PAN for the operation of Demat accounts, holding that the measure is a reasonable regulatory requirement aimed at curbing tax evasion, money laundering, and misuse of securities markets through fake PANs and benami accounts. The Court applied the triple test of legality, necessity, and proportionality as laid down in K.S. Puttaswamy v. UOI ( 2018) 8SCR 1, and found that s. 139AA is backed by legislative mandate, serves a legitimate State interest in ensuring financial transparency, and imposes only a proportionate restriction on privacy. While concerns regarding data security and possible Aadhaar breaches were acknowledged, the Court held that these do not outweigh the compelling need for regulatory oversight, especially with safeguards in place. Accordingly, the provision mandating Aadhaar-PAN linkage for Demat accounts was held to stand on firm constitutional and legal footing and did not warrant interference.