Sebi: Preparation to create secure payment system for registered market intermediaries, SEBI proposes

New Delhi| The Securities and Exchange Board of India (SEBI) is considering introducing a new system to ensure secure and better payments in the securities market through the Integrated Payment Interface (UPI). Market regulator SEBI took this step to protect legitimate financial intermediaries from fraudsters.

Investors will get help
Under the proposed system, SEBI has suggested creating a special UPI address for registered market intermediaries, which will make it easier for investors to ensure that they are making payments only to registered entities. The proposal sets the UPI payment limit for capital market transactions at Rs 5 lakh per day, which is higher than the current limit of Rs 2 lakh. It will be evaluated from time to time in consultation with National Payments Corporation of India (NPCI). The Securities and Exchange Board of India on Friday issued a consultation paper on the proposals and has sought public comments on them till February 21.