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The Securities and Exchange Board of India (Sebi) has proposed technology-based measures to create a secure trading environment and prevent unauthorized transactions in trading and demat accounts of investors. Sebi aims to strengthen authentication through a SIM binding mechanism, similar to that of UPI payment applications, where the application recognizes the SIM along with the mobile device and bank account details for carrying out UPI transactions.

Sebi has suggested biometric authentication, log-in from multiple devices, and a facility for temporary lock-in of trading accounts. Additionally, a call and trade facility will only be allowed through centralized dedicated phone numbers, email addresses, or mobile numbers of the stockbroker.

The regulator has noted that instances of gaining unauthorized access to trading accounts, SIM spoofing, unauthorized account modifications, and erroneous transfer of shares have been reported in recent times due to the lack of adequate technology-based controls. Sebi has also stated that web-based or mobile-based trading platforms are prone to hacking, identity theft, and frauds.

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