Thursday, May 16, 2024

Demat account may get blocked due to 2FA

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Two Factors Authentication: In the absence of Two Factor Authentication, the demat account will not be able to login from 1st October.

The National Stock Exchange (NSE) had issued a circular on June 14 and decided that demat account holders will have to complete the process of two-factor authentication. Its deadline is 30 September.

In the absence of two-factor authentication, the demat account will not be able to login from October 1, i.e. the account will be locked.

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Two factor authentication is essential for web security. This is necessary whenever a transaction is happening over wireless or internet. Keeping in mind the safety of the demat account holder, it is being implemented. With the help of this process, it will be checked twice that the user who has logged in to the demat is not a fraud.

The first is in two factor authentication – biometric authentication ie fingerprint scanning, facial recognition or voice recognition can be used. But if you do not want to use it, then in addition, you can use the knowledge factor, in which you can use the password or PIN or there is the Possession Factor B option in which OTP, security token can be used.

How to do Two Factor Authentication?
Two Factor Authentication Biometric authentication will be required but if this is not possible as per NSE circular then knowledge or possession factor can be used.

How to Enable Two Factor Authentication on Kite/Web/App for Zerodha

As per the zerodha website for kite web, go to kite.zerodha.com, and follow the steps given below.

-Go to My Profile/Settings and then to Password & Security.

Click on Enable Two-Step TOTP (Time Based OTP).

Enter the OTP sent to the registered e-mail address.

On mobile phone, open any of the above Authenticator app.

Select Scan QR Code under Add Account option and click on Baggi.

-Scan the QR code from the add an account and click on Begin.

-Allow to access with phone camera, and scan the bar code. On scanning, the account will be linked on the Authenticator app.
Use this to add the Kite account to the Authenticator app. On Kite, enter the OTP displayed in the app along with the password and click on Enable.

After this TOTP will be enabled.

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