Comment on Mandatory TOTP for illiquid risky contracts

Jindal commented on 29 Jun 2020, 02:49 PM

This really is frustrating. Adding hurdles to a process which should be straightforward.

Please make this an optional requirement. People who think they might be compromised can opt for this feature and others like me who dont want these extra steps and like a more ‘free’ experience can opt out. Making this mandatory is a bad decision.

A few scenarios:
1. What if I want to trade in my dads account today. I dont want to bug him in the morning by calling him and asking him to struggle with his phone to let me know the OTP
2. What if my phone is Nokia 1100 and I dont want to upgrade OR install 3rd party apps OR phone is lost [ how can any of these be reasons that should prevent me from trading freely ]
3. Already a security conscious person and never fallen for phishing frauds

It’s not the brokers job to baby sit all customers, but just to provide a seamless service. Atleast provide an option for customers to opt out of this feature on their own like submitting an online application etc.

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