The Hindu Business Line : SPEED-e service to clients

SPEED-e is a common Internet infrastructure that enables the depository participants (DPs) to provide depository services to their clients. Demat accountholders (including clearing members) subscribing to this facility can submit delivery instructions to their DPs through SPEED-e website https://speed-e.nsdl.com, instead of submitting delivery instruction slips (in paper form) to their DPs. The users of SPEED-e can also check latest balances and transactions in their demat accounts through a facility called Internet-based Demat Account Statement (IDEAS) and monitor the status of execution of instructions.

Who can make use of SPEED-e?

SPEED-e can be used by any demat accountholder provided its DP has registered with NSDL for this purpose.

How do I know whether my DP is registered with NSDL for SPEED-e?

You can find out from your DP whether it has registered with NSDL for SPEED-e. Alternatively, you can log on to https://speed-e.nsdl.com and click on `sign up now' to find the list of DPs who offer SPEED-e services.

If I want to get SPEED-e services, how do I enrol/register for it?

If you wish to use this facility, you have the option of a password-based or smart-card-based access to SPEED-e. For password-based access, you should fill up an online registration form by choosing your own `user-id' and `password' and then submit the duly filled-in registration form in person to your DP and sign an agreement with the DP. The DP will authorise your request and thereafter you can start using SPEED-e with the user-id and password.

For smart-card-based access, you should fill up the `SPEED-e application form', available on the SPEED-e Web site or which can be obtained from your DP, and then submit the duly filled-in form to your DP. After you sign an agreement with the DP, your DP will register you as a smart-card user by assigning a user-id and help you procure a Smart Card Kit, Digital Signature Certificate (DSC) and Personal Identification Number (PIN). Install the Smart Card Kit on to the computer and with the User-Id, DSC and PIN, you can start using SPEED-e.

What is the difference between smart-card-based access and password-based access to SPEED-e?

In password-based operation, the access is given on the basis of "What you know (user-id and password)". The user-id should be `alphanumeric' with a minimum of three and a maximum eight characters. The password also has to be `alphanumeric', with a minimum of eight and a maximum of 16 characters.

In a smart-card-based operation, access is given on the basis of "What you have" (smart card) and "What you know" (the PIN). The smart-card-based operation affixes digital signature to the transactions which is non-repudiable and authenticates that only the person possessing the smart card and knowing the PIN has submitted the instruction.

What are the benefits of using a smart card?

Apart from those discussed earlier, the following are the additional benefits of using a smart card:

Smart-card users can transfer securities to any account, unlike password users where transfer of securities is permitted only up to three pre-notified clearing member (broker) accounts.

Single smart card can be used to access all your demat accounts opened with the same DP.

Facility of multiple authorisation.

Freeze/unfreeze of account(s)/ISIN(s) and/or specific quantity of securities under an ISIN (for smart card clients only).

(To be continued)

Source: NSDL

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