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Sebi’s ‘verified’ UPI to deter scammers posing as brokers

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MUMBAI: To counter the increasing menace of stock market related cyber frauds, Sebi on Wednesday said it will launch a verified payment mechanism that will show if investors transferring funds are paying to genuine Sebi-registered entities or not. The new mechanism will be able to weed out fraudulent entities that often copy or mimic genuine Sebi-registered entities to lure investors and defraud them of their money.As part of the comprehensive facility, the UPI payment mechanism for all Sebi-registered intermediaries that collect funds from investors will have a verified sign that investors will be able to see while transferring funds. This will improve the safety and accessibility of financial transactions within the securities market, Sebi said.

The UPI payment mechanism will go live from Oct 1, Sebi chairman Tuhin Kanta Pandey, said. He added that the new mechanism will in no way affect the existing mandates and payment mechanisms like RTGS, IMPS, e-NACH, etc., that are already in use for SIPs and other fund transfers by investments.“This innovative mechanism is set to significantly improve the safety and accessibility of financial transactions within the securities market by providing a verified and secure payment channel,” Pandey said. This mechanism will use a new UPI address structure for all Sebi-registered intermediaries. The new address will be verified at three levels: Sebi, banks, and NPCI. In addition, Sebi is developing another new functionality called ‘Sebi Check’ that will allow investors to verify the authenticity of UPI IDs either by scanning a QR code or entering the UPI ID manually and confirming the bank details, including the account number and IFSC of a registered intermediary.

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