I recently got SPEED-e approved for my demat. POA has been revoked. I read basics about SPEED-e but not everything was clear. Now that I have facility I can see some more things but still few things are not clear or at least not sure. I am mainly concerned with risk of using this facility, hope was that it’s the best way to protect demat holdings (from things like Karvy fiasco)
- Looks like only CM BP ID can be added as beneficiary. Can somebody confirm? That means shares can’t be transferred to any account (e.g. retail user demat account) even if somebody hacks my speed-e account.
- Is it true only I can initiate CM BP ID addition and there is OTP confirmation as well. It means my DP can’t add a new CM BP ID (i.e. themselves). Can somebody confirm this? As I don’t know what access my DP has on my SPEED-e (and my DP hasn’t given my any answer on this).
- Same question on “giving delivery instruction” and/or “confirming delivery instruction”. Only I can do that or DP as well?
- I still need to get smartcard. It’s pretty clear that is more secure than password. Also it gives “freeze” power even DP can’t over-ride. https://eservices.nsdl.com/SecureWeb/Faqs.html#q40
Overall, if some sort of involvement from my SPEED-e account and mobile OTP is always required before shares can be moved, then it’s pretty solid facility. Add smart card on top of that!
sorry for long post, I wanted to be thorough!