Trak.in - Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space

Finance is the art of art and science of managing money. Since it is money and affects everyone, personal finance is essential to regulating your daily expenses and planning for the future.

This story covers all the regulations will take effect on October 1st which might affect everyone and their budgets and their finance.

The use of regulations will take effect on September 30, 2022 for all the demat account holders. This will be on any applications made available to consumers through Internet-based trading (IBT) and securities trading using wireless technology (STWT).

NSE said in a circular on June 14, 2022, that “In joint consultation with SEBI and Exchanges, it is hereby clarified that, in addition to user ID, Members shall preferably use biometric authentication as one of the authentication factors, along with any one of the below-mentioned factors: 1. Knowledge factor (something only the user knows): – for e.g., Password, PIN. 2. Possession factor (something only the user has): – for e.g., OTP, security token, authenticator apps on smartphones etc. In case of OTP, the same should be sent to clients through both email and SMS on their registered email ID and Mobile number. In cases, where biometric authentication is not possible, Members shall use both the aforementioned factors (Knowledge factor and Possession factor), in addition to the user ID, for 2-factor authentication (2FA). It is to be noted that the abovementioned authentication shall be implemented on every login session by the client to IBT and STWT. The above guidelines shall be implemented latest by September 30, 2022.”

On June 21, 2022 RBI extended the timeline for implementation of certain provisions of Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022. 

According to RBI, it has been determined to postpone until October 1st, 2022, the deadline for implementing the following Master Direction clauses:

1. Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer.

2. Card-issuers shall ensure that the credit limit as sanctioned and advised to the cardholder is not breached at any point in time without seeking explicit consent from the cardholder.

3. No capitalization of unpaid charges/levies/taxes for charging/ compounding of interest.

Rohit is a tech and business enthusiast, who is hell bent on scooping out the truth. He loves reading, understanding businesses and decoding startups.

Govt-Backed ONDC Will Charge 75% Less Commission Than Amazon, Flipkart From Merchants!

Comments are closed, but trackbacks and pingbacks are open.

Trakin Tech Network 6, Vivek Building, Sadashiv Peth, Pune, Maharashtra 411030

Subscribe our newsletter to stay updated.

Welcome, Login to your account.

A password will be e-mailed to you.