The Securities and Exchange Board of India (SEBI) has released a on a draft circular for investors to make safe and efficient transfers via the unified payments interface (UPI).
The regulator’s circular outlines plans to issue unique UPI addresses for SEBI-registered intermediaries, allowing investors to make payments to the regulator legitimate, convenient and efficient. This move will make it difficult for impostors and fraudsters to take money from investors in the SEBI’s name.
The proposed UPI address would have a relevant short version of the name of the intermediary, and their role, followed by the handle “@payright” along with the bank’s name. As an example, for a registered broker and mutual fund intermediary, the handle will, respectively, look like: abc.bkr@payrighthdfc and abc.mf@payrighthdfc. In addition to this, a successful transaction to a SEBI-registered intermediary will also include this icon:
The draft circular also proposes that the upper limit for capital market transactions through the UPI be increased from INR200,000 (USD2,311) to INR500,000.
