India’s National Stock Exchange (NSE) is about to implement two-factor authentication for its negotiated trade platform, according to a new report from The Hindu. The system will be implemented starting June 6th.
The move comes after the Bombay Stock Exchange introduced a 2FA system for its online mutual fund platform at the end of last month. For users of the NSE’s negotiated trade platform, a secondary exchange market allowing for bargaining over securities, two-factor authentication will be optional for a short time until it becomes mandatory on June 13th.
The move to 2FA is a security measure for the NSE, and may reflect a broader concern over digital security in India as the country seeks to digitalize its financial services sector as well as many government services. To a great extent, biometric authentication is taking center stage in these efforts, usually under the umbrella of the country’s Aadhaar biometric ID program. For the NSE’s part, it hasn’t yet specified what form its second-factor authentication will take, but there’s good reason to believe that biometric technology could play a role in the future, if not right away.
Source: The Hindu Business Line
June 3, 2016 – by Alex Perala