While it didn’t mention anything about what would happen if a demat account holder doesn’t enable two-factor authentication by the given date, the circular states that “members should preferably use biometric authentication” as one of the factors. authentication to login.
The other can be a “knowledge factor”, something that only the user knows, such as a password or PIN; or an “possession factor”: something only the user has access to, such as a one-time password (OTP), security token, or authenticator apps on smartphones or desktops.
In cases where biometric authentication is not possible, members must use the aforementioned two factors in addition to the user ID, for 2-factor authentication (2FA). It should be noted that the authentication mentioned above will be implemented on each client login session to IBT and STWT. The above guidelines will be implemented no later than September 30, 2022, according to the NSE notice.
Through the circular, the exchange has now required such a 2FA for login purposes from September 30, 2022, as quoted by the Economic Times.
In cases where biometric authentication is not possible, he shared that brokers can use both the password and the OTP to allow clients to log in.
TOTP is short for Time Based One Time Password and is generated by a TOTP app that is already on your phone, as opposed to OTP. TOTP is valid only for a short period, usually 30 seconds.
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To receive the TOTP, according to Zerodha, a person will need to download one of the following applications on their PC or mobile device:
a) Google Authenticator
b) Microsoft Authenticator
Upstox users, on the other hand, will be required to enter OTP and PIN, while in the case of mobile login, biometrics will be used along with OTP or PIN.