Sebi mulls safe UPI payment mechanism for registered market intermediaries

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Sebi mulls safe UPI payment mechanism for registered market intermediaries - Business Standard

Quick Summary:

Markets regulator Sebi is looking to come out with a new mechanism to ensure secure and efficient payments in the securities market through Unified Payments Interface (UPI) in bid to distinguish legitimate financial intermediaries from fraudsters.

Under the proposed mechanism, the regulator has suggested creating a unique UPI address for registered market intermediaries, making it easier for investors to confirm that they are paying only registered entities.

The Securities and Exchange Board of India (Sebi) floated a consultation paper on the proposals on Friday and sought public comments on them by February 21.