All demat account holders are required to enable the two-factor authentication by the end of the day to continue using their accounts.
The National Stock Exchange (NSE) issued a circular for demat account holders on June 14, laying out a schedule for implementing two-factor authentication and urging them to finish the process as soon as feasible. Owners of demat accounts must enable two-factor authentication by September 30, 2022, it said.
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As per the NSE notification, “It is hereby clarified that, in addition to user ID, members shall preferably use biometric authentication as one of the authentication factors, along with any one of the below-mentioned factors:
1. Knowledge factor (something only the user knows) – for e.g., password, PIN.
2. Possession factor (something only the user has) – for e.g., OTP, security token, authenticator apps on smartphones etc. In case of OTP, the same should be sent to clients through both email and SMS on their registered email ID and Mobile number.”
The NSE further said, “Where biometric authentication is not possible, Members shall use both the aforementioned factors (Knowledge factor and Possession factor), in addition to the user ID, for 2-factor authentication (2FA). It is to be noted that the abovementioned authentication shall be implemented on every login session by the client to IBT and STWT.”
How to enable two-factor authentication?
The NSE mentions that biometric authentication will be used in conjunction with either a password/PIN or an OTP/security token. The login to demat accounts must be permitted using a combination of password/pin with OTP/security token, though, if biometric authentication is not possible.
The two-factor authentication is a one-time obligation, according to the NSE. Once you finish it, you can access your account using your login ID, password, and a required security image in addition to any additional information your depository may have needed
