Demat account deadline today! Enable 2FA now or you might be in BIG trouble

NSE has advised Demat account holders to complete two-factor authentication by September 30 i.e, today itself.

Enable 2FA for your Demat account by today to continue using it. (Representative Image) (Pixabay)

National Stock Exchange has warned Demat users to complete their 2-factor authentication by today itself i.e, September 30, 2022, if they want to continue using their account. NSE has issued a circular regarding this in June, stating that all the Demat users to finish the two-factor authentication latest by September 30, 2022. NSE has also listed out the multiple ways to complete the 2FA. "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 of the below-mentioned factors,” reads NSE official statement.

Check out how you can complete the 2FA for your Demat account

1. By using knowledge factor i.e, something only the user knows - for e.g., password, PIN.

2. By using possession factors like OTP, security token, authenticator apps on smartphones etc. If you opt for 2FA via OTP, it will be sent to you on your registered email ID and Mobile number.

NSE said that account holders can use both the aforementioned factors - Knowledge factor and Possession factor, in addition to the user ID, for 2-factor authentication (2FA) where biometric authentication is not possible. “It is to be noted that the above-mentioned authentication shall be implemented on every login session by the client to IBT and STWT,” added NSE. Here's a step-by-step guide to complete 2FA for Demat account online.

How to complete 2FA for your Demat accounts online?

Time	Tools	Supplies
20 Minutes	Smartphone Laptop	Updated browser Internet

Step 1:

Firstly, visit the app or website of your Demat account. For e.g, if you’re using an ICICI demat account, visit its direct website. 

Step 2:

Now go to your profile and then choose the Password and Security option.

Step 3:

Next, select the “Enable 2-Step TOTP” option. 

Step 4:

Enter the OTP you have received on your registered email id.

Step 5:

Now, open any one of your Authenticator apps on your mobile phone and tap on ‘scan a QR code’ available under the Add account option. 

Step 6:

Click on begin and allow the app access to your phone camera to scan the barcode shown.

Step 7:

And it’s done! Your time-based one-time password (TOTP) will be enabled.