SEBI proposes to strengthen authentication through SIM binding mechanism-like a UCC-one device-one SIM-UPI payment applications where the UPI application identifies mobile devices and bank account details to UPI.
Similarly, LOG-in can only happen in a trading account when the trading app recognizes the UCC with SIM and mobile devices.
SEBI has suggested linking the mobile device with a registered mobile number (SIM) and IMEI number with client’s unique client code (UCC). For trading applications, biometric authentication will be required on the primary SIM-bound device.
To log in to LOG on other devices such as Deskt OPS P or Laptop, time-sensitive and proximity-sensitive QR code authentication will be used like log-insan on social media platforms.
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In addition, the backup system will be set up to continue the trade in case the client lose or replace their device. The proposed structure includes provisions in terms of SIM binding, biometric authentication, LOG-in from multiple devices, family accounts operations, temporary L-C-in facilities of trading accounts, etc.
In addition, investors have been proposed to strengthen the cases where Call L and trade/ walk and trade facilities. The proposed provisions will be applied to all stock brokers in a phased manner, initially, the top 10 qualified stock brokers are required to apply the same.
Initially, it will be an optional for investors to select the proposed secure authentication method.
Subsequently, in a phased manner, the proposed structure will be made compulsory for the trading account. These proposals are intended to create a safe trade environment and prevent unauthorized transactions in trade and demat accounts.
The Securities and Exchange Board, India for India (SEBI), has sought public comments till March 11 on proposals.
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