Two-Factor Authentication expanded to mutual fund subscriptions, requiring OTP or depository 2FA and industry-wide compliance. Two-Factor Authentication is extended to subscription transactions in mutual funds: for online non-demat transactions one factor must be a One-Time Password sent to the unit holder's email/phone registered with the AMC/RTA; demat transactions must follow Depository-prescribed 2FA; mandates/systematic transactions require factor authentication only at registration. AMFI must revise best practice guidelines to include subscriptions and all AMCs must comply. Industry participants must implement systems and report progress, with the provisions effective from April 01, 2023.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Two-Factor Authentication expanded to mutual fund subscriptions, requiring OTP or depository 2FA and industry-wide compliance.
Two-Factor Authentication is extended to subscription transactions in mutual funds: for online non-demat transactions one factor must be a One-Time Password sent to the unit holder's email/phone registered with the AMC/RTA; demat transactions must follow Depository-prescribed 2FA; mandates/systematic transactions require factor authentication only at registration. AMFI must revise best practice guidelines to include subscriptions and all AMCs must comply. Industry participants must implement systems and report progress, with the provisions effective from April 01, 2023.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
