The proposed “One UCC-One Device-One SIM” system will connect an investor’s Unique Client Code (UCC) to their mobile device’s IMEI number and registered SIM card, similar to current UPI payment applications. This development follows broader financial sector security enhancements in India, including India Post’s implementation of Aadhaar-based digital KYC.
The framework requires biometric authentication (fingerprint or facial recognition) for primary device logins and includes a time-sensitive QR code system for desktop or secondary device access. Multiple UCCs can be linked to a single device for family members, with appropriate authorization protocols.
The system features a temporary account lock option and strengthened verification for call-and-trade services, with orders required to come from pre-registered phone numbers using OTP verification.
SEBI cited a rise in unauthorized access, SIM spoofing, and fraudulent account changes as primary reasons for the new framework. Implementation will start with the top 10 Qualified Stock Brokers as an optional feature before becoming mandatory.
The regulator is accepting public comments until March 11, 2025. This security upgrade reflects similar initiatives across Asia, including recent facial recognition adoption for digital banking in Pakistan.
Sources: NDTV, Economic Times, Chronicle Club
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February 19, 2025 – by the ID Tech Editorial Team
