2-factor authentication deadline for demat account holders ends today indiabusinessport.com

If you are a demat account holder and yet to enable 2-factor authentication, then you should hurry up. This is because Friday is the last day for demat account holders to enable 2-factor authentication to continue using their accounts.

Also Read: September 30 deadline for Demat account holders to enable 2-factor authentication

In June, the National Stock Exchange (NSE), in a circular, stated that to keep their accounts active, members will have to activate 2-factor authentication using knowledge/possession factor and biometric authentication.

What is Demat?

Demat is a platform for investors to hold their shares and securities – such as mutual funds, bonds, etc. – digitally. Short for ‘dematerialised,’ it is for any individual who wishes to invest in the stock market. To smoothen the process of online trading, an individual’s demat account is linked to his/her trading account.

Knowledge, possession and biometric authentication

In knowledge factor authentication, only the user is aware of the verification factor, for example, a password. The possession factor, on the other hand, is done with something that only the user has access to, like a one-time password (OTP).

Finally, biometric authentication, as the name suggests, is done using fingerprint scanning, face recognition or voice recognition.

How to enable 2-factor authentication?

The NSE circular stated that biometric should be preferred in conjunction with either of the other two. The document further ruled that if biometric is not possible, members should use a combination of password/PIN with OTP/security token.

Here’s how to activate the verification, as per ICICI Direct:

(1.) Go to the profile section of your demat account.

(2.) Now, navigate to the Password/Security option and click on 2-factor authentication.

(3.) You will receive an OTP/password on your email id.

(4.) Enter the OTP/password. Also, you may be asked to input your fingerprint, or you may have to scan a QR code to add to the account.

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