Sebi proposes tech-based measures to forestall misuse, CFO Information, ETCFO
The Securities and Change Board of India (Sebi) has proposed expertise based mostly measures to create safe buying and selling atmosphere and to forestall unauthorized transactions in buying and selling and demat accounts of buyers. Sebi has proposed to strengthen the authentication by the use of SIM binding mechanism i.e.
One UCCOne Machine- One SIM just like that of UPI cost purposes the place the UPI software recognise SIM together with cellular system and checking account particulars for finishing up UPI transactions.
Equally, the log-in into the buying and selling account can happen solely when the buying and selling software recognise the UCC (distinctive consumer code) together with SIM and cellular system, Sebi mentioned in a dialogue paper on Tuesday
The regulator has additionally recommended biometric authentication, log-in from a number of units and facility of momentary lock-in of buying and selling account.
A name and commerce facility both to stockbroker or to an authorised particular person could be allowed solely by means of centralised devoted cellphone numbers or e-mail handle or cellular numbers of the stockbroker, it mentioned.
“As a consequence of progressive technological instruments, the cases of gaining unauthorised entry to buying and selling accounts, SIM spoofing (to divert OTPs), unauthorised account modifications, inaccurate switch of shares and so on., are coming to the discover of the regulator within the current previous,” Sebi mentioned.
“As a consequence of lack of satisfactory expertise based mostly controls, the net based mostly or cellular based mostly buying and selling platforms are vulnerable to hacking, id theft and frauds.
