“The draft note says that in case of applications installed on mobile devices such as
smartphones and
tablets, a cryptographically secure biometric twofactor authentication mechanism may be used,” a person familiar with the subject told ET.
The proposal, if implemented, would require retail investors use touch ID-enabled smartphones for trading and sharing biometric features like fingerprint or eye-scan to access their trading and demat accounts. Offered as an option to account holders by some of the private sector banks, the mechanism involves the handheld device carrying out one step of the authentication instead of the service provider.
