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“This innovative mechanism is set to significantly improve the safety and accessibility of financial transactions within the securities market by providing a verified and secure payment channel,” Sebi chairman Tuhin Kanta Pandey told reporters here.
The new UPI handle, @valid, will go live on October 1.
For instance, if an intermediary named abc is operating as a broker, its UPI handle would be abc.bkr@validhdfc, Sebi said.
A ‘thumbs-up inside a green triangle’ will accompany for payments made to authorised entities. About 8,000 intermediaries will migrate to the new system.
The regulator said the new UPI IDs are mandatory only for intermediaries and investors can continue to use their existing UPI IDs.The transaction limit of ₹5 lakh per day for capital market transactions through UPI would continue. Additionally, to help investors verify the authenticity of an entity before proceeding with a financial transaction, the regulator is in the process of developing a new functionality called ‘Sebi check’.
This would allow investors to verify the authenticity of UPI IDs either by scanning a QR code or by entering the UPI ID manually.
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https://economictimes.indiatimes.com/mf/analysis/sebi-set-to-launch-new-upi-mechanism-for-mfs-brokers/articleshow/121789790.cms
