TaxTMI 
TaxTMI 
Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors
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....quisite bank accounts of intermediaries that have been validated with SEBI. The transfer of funds through this mechanism will assure investors that their payments are being made to the verified and registered market intermediaries. 1.2. This initiative is being operationalized pursuant to public consultation and extensive deliberations with relevant stakeholders, including the National Payments Corporation of India (NPCI) and the SCSBs. The operational procedure for implementing this structured UPI address framework by intermediaries is detailed in the subsequent sections of this circular. Additionally, a flowchart outlining the end-to-end process, along with key decision points related to the allocation and implementation of structured UPI IDs, is provided at Annexure A. 1.3. While the use of this structured UPI mechanism by investors shall remain optional, it is mandatory for intermediaries to obtain and make available this structured UPI address to their investors. Additionally, intermediaries are advised and encouraged to actively promote and facilitate the adoption of this mechanism among their investors. 2. Structure of the Dedicated UPI Address 2.1. A UPI address (UP....
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....f-certified syndicate banks shall initiate request to NPCI for the issuance of new UPI handles in accordance with the prevailing handle issuance policy at NPCI. Intermediaries will be able to use their existing bank accounts to obtain the UPI IDs from the syndicate banks and opening of new bank accounts is not necessary. Further, only the self-certified syndicate banks as mentioned in Annexure C will be allocated "@valid" handles by NPCI. 4. Transaction Limits 4.1. UPI, being a retail product, has certain transaction limits. Each app and bank impose its own limits; however, upper limits are set by NPCI. At present, this limit for capital market transactions is in the range of Rs.2 lakhs - Rs.5 lakhs per day. 4.2. Based on our analysis and available limits on transaction amount through UPI, the upper limit of up to Rs.5 lakhs per day for capital market transactions (done through UPI) shall be available, subject to periodic review and further evaluation as necessary. 5. Mechanism to Verify UPI IDs and Bank Account Details of Intermediaries 5.1. In order to provide an additional layer of security and help investors verify the authenticity of an entity before proceeding with ....
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....wareness about new payment handles and "SEBI Check" functionality through modes like SMS, e-mail communications, social media posts and audio-visual messages. These should include clear and prominent displays on websites, aimed at empowering investors with detailed information about the presence of unique and secured UPI handle for payments to intermediaries. A few examples in this regard have been placed at Annexure E. 6.3.3. Create awareness and educational content for investors by placing relevant FAQs on the respective websites. A few examples in this regard have been placed at Annexure F. 7. Activity-wise Timelines Considering T as the date of issuance of this SEBI circular, the activity-wise timelines to be performed by MIIs, banks and intermediaries is as explained below: Activity Date Start End Issuance of the Circular by SEBI T Day NA Self-certified syndicate banks to approach SEBI through an e-mail at [email protected] to obtain the login credentials T Day T + 30 Days Necessary changes by MIIs in their respective intermediaries portal T Day T + 60 Days Necessary changes by Self-certified syndicate banks T Day T + 75 Da....
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....k Limited 10 City Union Bank 36 South Indian Bank 11 DBS Bank India Limited 37 Standard Chartered Bank 12 DCB Bank 38 State Bank of India 13 Deustche Bank 39 SVC Co-operative Bank Limited 14 Dhanlaxmi Bank Limited 40 Tamilnad Mercantile Bank 15 Equitas Small Finance Bank 41 The Ahmedabad Mercantile Co-operative Bank Limited 16 GP Parsik Sahakari Bank Limited 42 The Catholic Syrian Bank Limited 17 HDFC Bank Limited 43 The Federal Bank Limited 18 HSBC Bank 44 The Jammu & Kashmir Bank Ltd 19 ICICI Bank 45 The Kalupur Commercial Co-operative Bank Limited 20 IDBI Bank Limited 46 The Mehsana Urban Co-operative Bank Limited 21 IDFC FIRST Bank 47 The Surat People's Co-op Bank Limited 22 Indian Bank 48 TJSB Sahakari Bank Limited 23 Indian Overseas Bank 49 UCO Bank 24 IndusInd Bank 50 Union Bank of India 25 Jana Small Finance Bank Limited 51 Utkarsh Small Finance Bank Limited 26 Janata Sahakari Bank Limited 52 Yes Bank Please refer to the updated list of "Self Certified Syndicate Banks eligible as issuer banks for UPI" under the "Recognised Intermediar....
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.... the intermediaries? Ans. The intermediaries will have to stop accepting payments using the current UPI IDs post the specified deadline. While, the existing mode of fund transfer for the ongoing Mutual Funds SIPs will continue to remain in force to avoid any disruption, the new SIPs and renewal or extension of existing SIPs must be done using the new UPI IDs only. Q. Do I need to use the utility being provided? Ans. Intermediaries have to use the utility to check for their preferred username. However, the allocation of the preferred username will be subject to its availability. Q. Is it mandatory to generate a QR code? Ans. Yes, it is mandatory to generate a QR code with the "thumbs-up" logo for the convenience of investors, as scanning a QR code is more secure and reliable. Q. Can I use the same username with multiple banks or handles? Ans. The utility will allow the same username to be valid across different banks, for example abc.brk@validhdfc and abc.brk@validicici. However, it needs to be unique at a bank level. Q. Is it mandatory to have suffix (as mentioned in Annexure B) in the Username? Ans. Yes, it is mandatory to have the suffix as it will enable invest....