CDSL Denies Fake Share Sale Rumors and Introduces New Security Feature
Central Depository Services (India) Limited (CDSL) has dismissed rumors about unauthorized share sales circulating on social media, calling them fraudulent. CDSL is reporting the matter to authorities and advises investors to rely on official sources for information.
Last month, CDSL introduced a two-factor authentication (2FA) feature to enhance the security of demat accounts. This new feature requires investors to enter a One-Time Password (OTP) sent to their registered mobile number and email address after logging into their demat account. The OTP is valid for five minutes, and once entered, it authorizes access to the account, allowing the investor to proceed with their transactions.
These measures aim to protect investors from scams and unauthorized access, maintaining investor confidence and preventing potential financial losses.
Doubts Revealed
CDSL -: CDSL stands for Central Depository Services (India) Limited. It is an organization in India that helps people keep their shares and other securities in electronic form, making it easier to buy and sell them.
Fake Share Sale Rumors -: These are false stories being spread that say shares are being sold without permission. CDSL says these stories are not true and are meant to trick people.
Two-Factor Authentication (2FA) -: This is a security process where you need to provide two types of information to access your account. For example, you might need to enter a password and then a code sent to your phone.
OTP -: OTP stands for One-Time Password. It is a special code sent to your phone or email that you use just once to log in to your account, making it more secure.
Demat Accounts -: A demat account is like a bank account but for holding shares and securities in electronic form. It makes trading easier and safer.
