TaxTMI 
TaxTMI 
Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors
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....th the option to transfer funds directly to the requisite 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 ....
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.... such handles shall be communicated by NPCI through appropriate channels. 3.2. The self-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 lay....
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....ry changes at their end to enable intermediaries to access SI Portal through them. 6.3.2. Create investor awareness 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 r....
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....unjab & Sind Bank 6 Bank of Maharashtra 32 Punjab National Bank 7 Canara Bank 33 Rajkot Nagarik Sahakari Bank Limited 8 Central Bank of India. 34 RBL BANK 9 Citibank N.A 35 Saraswat Co-operative Bank 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 IndusIn....
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....rd will be created in SEBI's system once an intermediary request for it through SI portal, and the same will be moved to final records upon confirmation from the bank. The intermediaries also need to make investors aware of the new handle and mandatorily offer it as one of the payment options to them. Q. What will happen to the payments done through existing UPI IDs of 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 ....
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....in the securities market? Ans. No, the new UPI IDs are only for intermediaries to obtain and investors can continue to use their existing UPI IDs. Q. Whom to approach if my transaction/ payment fails with the new UPI ID? Ans. The secure validated UPI ID of intermediaries will use the same banking channel as the earlier generic UPI handles. In case of any technical difficulty, investors are requested to approach their respective bank. BANKS Q. How to generate the UPI ID for customers/clients? Ans. Once the systems are ready to issue the validated UPI IDs, you are expected to refer to the details mentioned in Annexure D on the process of generating a username and UPI ID. Q. Should we discontinue the older UPI IDs of intermediaries used for payment? Ans. The timelines with respect to discontinuation of use of old UPI IDs by intermediaries has been mentioned in Para 7. Therefore, banks need not discontinue the old UPI IDs as of now. Q. Is it compulsory to use the provided utility for generating Username and UPI ID? Ans. Yes, the username has to be created using the utility as it will ensure that the username matches with the business name provided by the r....