Demat account: How to enable two-factor authentication before Sept 30 deadline
The National Stock Exchange (NSE) issued a circular for demat account holders on June 14, 2022, 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 30 September 2022, stated NSE.The circular says that, “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.”
NSE also added, “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 in demat accounts
The circular specifies 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've finished 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.
According to the ICICI Direct website, here is how to enable two factor authentication in demat accounts
Step 1: Visit the profile section on your demat account through its web portal or mobile application
Step 2: Go to the Password/ Security option and click on two-factor authentication
Step 3: You will receive an OTP on your email id/ password
Step 4: Input the OTP. The account might ask you to input your fingerprint, or you might have to scan a QR code to add the account.
“If biometric authentication fails, demat account holders can also authenticate their accounts through the knowledge/ possession factor. The knowledge/ possession factor is the details known only to the account holder. For instance, the knowledge factor is something like a PIN or password known only to the user, while the possession factor is a detail sent to the user by the network/ system and kept only within their knowledge. Possession factors include a one-time OTP, a security token, a card reader, authentication apps, or any other credentials that are within the user’s knowledge.”
How to enable two factor authentication on Zerodha Kite, web, app
According to the Zerodha website for Kite web, visit kite.zerodha.com, and follow the steps below:Step 1: Go to My Profile/Settings and then Password & Security
Step 2: Click on Enable 2-Step TOTP.
Step 3: Enter OTP sent to registered email address.
Step 4: Open any one of the Authenticator apps above on a mobile phone.
Step 5: Select Scan a QR code under the Add an account option and click on Begin.
Step 6: Allow access to the phone camera, and scan the bar code shown on the profile page on Kite. On scanning, the account will be added on the authenticator app. Alternatively, copy the key (available below the QR code) and use it to add the Kite account to the authenticator app. Enter the OTP shown on the app on Kite along with password and click on Enable.
Step 7: TOTP is enabled.
For Kite web, visit kite.zerodha.com, and follow the steps below:
Step 1: Go to My Profile/Settings and then Password & Security
Step 2: Click on Enable 2-Step TOTP.
Step 3: Enter OTP sent to registered email address.
Step 4: Open any one of the Authenticator apps above on a mobile phone.
Step 5: Select Scan a QR code under the Add an account option and click on Begin.
Step 6: Allow access to the phone camera, and scan the bar code shown on the profile page on Kite. On scanning, the account will be added on the authenticator app. Alternatively, copy the key (available below the QR code) and use it to add the Kite account to the authenticator app. Enter the OTP shown on the app on Kite along with password and click on Enable.
Step 7: TOTP is enabled.
This story originally appeared on: Muscle & Fitness - Author:Faqs of Insurances
