Two Factor Authentication wef 1st April 2023

Two Factor Authentication wef 1st April 2023

 

Very important message :

For all MFDs who are using any of the transaction platforms like, MFU, NSE NMF, BSE Star etc directly or through API

 

Pursuant to SEBI Circular dated September 30, 2022, the Two Factor Authentication (2FA) will become mandatory with effect from 1st April 2023 for online Inflow transactions -  Normal Purchase, NFO and SIP

 

In view of this, all platforms have enabled Two Factor Authentication (2FA) for inflow transactions with effect from 31st March 2023 post market hours.

 


Applicability:


 

·       Applicable for HUF & Individual investors (including Minor/sole proprietorship) 

·       Only for online transactions

 

One of the factors for such Two Factor Authentication (2FA) for inflow transactions (Purchase, NFO, SIP, SPP) shall be based on a One Time Password (OTP) sent to the primary holder at his/her email and / or mobile number registered in respective Platform ID / AMC folio. In case of joint holdings, the OTP validation shall be performed by the Primary holder.


Process for New Folio :


 

·       In the case of NEW folio subscriptions, the OTP will be sent to the registered email id / mobile number of Primary holder as registered in the Platform ID

 


Process for Existing folio (order in single folio):


·       In the case of existing folios, 2FA OTP shall be sent to the Email and/or Mobile Number registered in Folio.

·       Platform will fetch RTA folio service to collect folio registered email and / or mobile data as and when folio-based order is initiated. 


Process for Existing folios ( order in multiple folios):



·    In case of multiple folio transactions, where the contact details are common (both email and mobile), a single OTP will be triggered.

·       In case of multiple folio transactions, where the contact details are different, multiple OTP will be triggered for the folios

·       For the convenience of the investor, the email and mobile of the folio contact details (as fetched from RTA) in masked format will be displayed by the platform

 

We at Finnsys will make these changes in our Software as and when we receive the updated API on the above features, from the respective platform.

 

Please feel free to chat with us on our whatsapp number : 73799- 60999 or Call at : 90-1521-1521


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