All stock market intermediaries such as brokers, mutual funds and portfolio managers will soon get exclusive and verified United Payments Interface (UPI) handles to collect payments from investors to ensure safer transactions.
Starting 1 October 2025, about 8,000 intermediaries registered with the Securities and Exchange Board of India (Sebi) must use verified UPI IDs that are standardized, issued via validated bank handles (like @validhdfc) and displayed along with a green triangle and thumbs-up icon to confirm legitimacy, according to a circular issued on Wednesday.
While investors can still choose other options (NEFT, IMPS, etc.), those using UPI will need to use the new verified IDs.
Sebi chief Tuhin Kanta Pandey said the regulator’s goal is to reduce payment frauds in securities transactions, assure investors that payments are going to verified entities, and standardize payment collection across market intermediaries
All intermediary associations and stakeholders had been duly consulted along with the NPCI (National Payments Corporation of India) and Self-Certified Syndicate Banks (SCSBs), he said in an interaction with the media.
Each intermediary will get a unique UPI ID based on a username (e.g. abc.brk for a broker) and a handle issued by a verified bank (e.g. @validhdfc)
Sebi white-time member Ananth Narayan G said it will be up to the investors to ensure they verify UPI IDs and bank details of the intermediaries through “Sebi Check” feature–a database for investors that will be launched shortly.
Pandey said 8,000 investor-facing intermediaries who will be impacted by the circular will get time till 8 December, after which the old UPI IDs will be discontinued.
Sebi’s 11 June circular clarified that only banks listed as self-certified syndicate banks can issue these @valid handles.
Pandey said Sebi will plan investor education programmes across the country for the next two years to make investors aware about cybersecurity and cyberfrauds. “Sebi has the budget, means and intention to do it and we will carry it out.”
