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ARTICLE · 09 JULY 2025

Mandated Safeguards For Investor Payments Via Unified Payment Interface

JSA Advocates & Solicitors
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On June 11, 2025, the Securities and Exchange Board of India ("SEBI") issued a circular1 introducing a secured unified payment interface ("UPI") mechanism, specifically for investor-facing intermediaries to receive/collect funds from their investors ("SEBI Circular").

IndiaTechnology
Probir Roy Chowdhury
Probir Roy Chowdhury
Pulkit Sukhramani
Pulkit Sukhramani
Pranavi Pera
Pranavi Pera
Anshuman Sugla
Anshuman Sugla
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On June 11, 2025, the Securities and Exchange Board of India ("SEBI") issued a circular1 introducing a secured unified payment interface ("UPI") mechanism, specifically for investor-facing intermediaries to receive/collect funds from their investors ("SEBI Circular"). The SEBI Circular seeks to create a more structured framework towards increasing investor confidence in such systems.

Brief background

UPI, as a mode of payment in the securities market was first introduced in 20192. However, in the last few years, SEBI has observed a significant increase of unregistered entities impersonating legitimate market intermediaries and misleading investors into transferring funds to unauthorised accounts for personal gains.

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