Any Risk of NSDL SPEED-e facility?

General
1

Hello,

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 POA has been revoked.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!

4

@mohitmehra Can you.

5

Hi Rajnish,

Please let me know if you are able to get speed smart card access to your demat account.

I currently have NSDL Ideas account and I would like to upgrated it to NSDL Speed E Smart card account.

Kindly let me know the smart card kit details and details of any reliable vendors that provide the facility.

MY DP Provider ( ICICI Direct ) is not of much use.The Branch staff are unaware about Speed E And Smart card access.

Thanks in advance for the help.

Regards,
Senthil

6

Hi,

No, I haven’t moved to smard card yet.
I have revoked the PO given to my DP, so now only I can move shares out of my demat account. Smart card would be more secure than my current just password based security, but I am fine with this setup for now.

7

Thanks for the reply.

As per the NSDL website FAQ Speed E Smart card provides the following features.

1.Freeze/UnFreeze the Demat Account without the help of DP.

2.Freeze/UnFreeze the entire or specific quantities of demat holding.

Can you please confirm if the Speed E Password access provides the above features ?.

I am a bit confused as one of the NSDL officers informed me that there is no basic difference in the features between smart card and password user access.

Thanks And Regards,
Senthil

8

No. you need smart card for freeze feature.

9

Thanks for the clarification.

Appreciate your help in this regard.

Senthil