Digital shield for investors: Sebi to launch UPI safeguard to prevent fraud
MUMBAI: With increasing incidents of investors getting defrauded by unscrupulous elements, the regulator Sebi is developing a digital shield to protect investors, using an NPCI-verified UPI Id for each market participant and bank. The new tool called 'Valid' will be launched from October 1, which, along with the tool 'Sebi Check', will validate payment authenticity.
By October 1, all market makers who number around 9,000 will have to roll out this feature on their trading platforms, Sebi chairman Tuhin Kanta Pandey told reporters here Wednesday.
"We have roped in the NPCI for the tool and the corporation will be creating unique Ids for each bank, which can be verified on the Sebi Check," he added.
Through Sebi's payment mechanism '@Valid', all market intermediaries will be able to use it to collect funds from clients through the UPI app, benefiting brokers, mutual funds, research analysts, investment advisers, and other market intermediaries, he added.
Sebi had introduced the UPI as a mode of payment in the market for the first time in 2019. The successful experience and efficiency brought in by the UPI resulted in its inclusion in various other processes as well. Sebi has fixed an upper limit of Rs 5 lakh/day for fund transactions done through UPI.
Market intermediaries will now have a unique UPI address to collect funds from clients, with Sebi unveiling the 'Valid' mechanism. The development comes after incorporating industry feedback following consultations, and after assessing the readiness of market participants.
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