Owners of Demat accounts must enable two-factor authentication before September 30, 2022, as per a National Stock Exchange circular issued in June.
“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 Economic Times quoted the circular in a report Wednesday.
“In cases 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 above-mentioned authentication shall be implemented on every login session by the client to IBT (internet-based trading) and STWT (securities trading using wireless technology). The above guidelines shall be implemented latest by September 30, 2022,” Mint reported Tuesday.
According to the ET report, here’s a step-by-step guide to enable two-factor authentication for Demat accounts on the Zerodha website for Kite web.
Step 1: Visit kite.zerodha.com
Step 2: Go to My Profile/Settings followed by Password & Security
Step 3: Click on Enable 2-Step TOTP
Step 4: Enter OTP received on registered email address
Step 5: Open any one of the Authenticator apps above on a mobile phone
Step 6: Under the Add an account option, select Scan a QR code and click on Begin
Step 7: 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 to enable TOTP.
To log in to Kite, enter the time-based OTP shown on the Authenticator app.
Zerodha also mentioned on its website: For Kite app, follow the steps below:
Step 1: Go to Profile, Manage and Enable 2Factor TOTP
Step 2: Enter the OTP sent to the account holder’s registered email and click on Verify
Step 3: Click on Can’t Scan? Copy the Key
Step 4: Then click on Add and then Add account. The account holder can use any of the authenticator apps mentioned.
Step 5: On the Kite app, copy the TOTP displayed and paste it on the 6-digit TOTP tab and enter the Kite login password and click on Enable
The account holder will get a confirmation pop-up mentioning that the TOTP is enabled. After this, re-login to all Kite sessions across all devices.
Step 1: Visit kite.zerodha.com.
Step 2: Click on Forgot user ID or password?
Step 3 : Enter the User ID and PAN.
Step 4: Select Receive on Email or SMS, enter the email ID and captcha, and click on Reset.
Step 5: If SMS is selected, enter the OTP received and if Email is selected, click on the reset link received on email to reset the password.
Step 6: Enter the new password and click on Continue.
Step 7: Select Method 2: External authenticator and click on Setup TOTP.
Step 8: Set up an external authenticator such as Authy. To download Authy, visit authy.com/download.
Step 9: Scan the QR code or click on Can’t scan? Copy key.
Step 10: Set up the TOTP on Authy.
Step 11: In the Enter the 6 digit app TOTP field, enter the TOTP generated on Authy and click on Continue.
Step 12: The password will be reset. Click on Login here to continue.
Step 13: Login to Kite using TOTP.
A confirmation email will be sent once the password is changed or reset successfully.
The ICICI Direct website posted the following information regarding two factor authentication login for ICICI direct account with effect from September 27, 2022 (check screenshots below)
The website also mentioned, “We request you to update your mobile number and email id to avoid any inconvenience caused during login”.
Regarding the recommended QR-based login, the ICICI Direct website stated: If you are logged in to your ICICIdirect Account on mobile App, you can log in instantly to your account on the Web platform just by scanning the QR that is available on the web login page. You need to visit the menu section on the mobile app and search for “Scan for Web Login”. (check screenshot below)
The Mint reported earlier in September, “Retail investors have supported Indian markets with total Demat accounts (both CDSL and NSDL) in the country crossing 10 crore mark. In August this year, CDSL had crossed the milestone of opening over 7 crore Demat accounts, a more than three-fold jump in over two years. CDSL had crossed the 2 crore Demat mark in January 2020”.
Have you enabled your two-factor authentication yet? Do you think this rule was necessary? Let us know in the comment section.
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This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
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