Related News

5 silent ways anger is ruining your life without you realizing it

In today’s fast-paced world, where deadlines never stop and personal space is often overlooked, anger has become a part of everyday life. It doesn’t always show up as shouting or

AI users form relationships with technology

AI users form relationships with technology – CBS News Watch CBS News Some people are using AI as an emotional outlet — and developing a real relationship with artificial intelligence.

5 (worrying) things that can happen if the body is dehydrated

Water is essential to ensure proper muscle functioning since it helps ensure electrolyte balance, primarily sodium, potassium, and magnesium, which are important minerals for our body. During dehydration, the levels

Optical illusion personality test: A woman and bird or a face? What you spot first reveals if you prioritise love or career

Optical illusion personality tests are quite popular these days, especially on social media. These are psychology-based, weird-looking images that have one or more elements in them. And so it is

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

Word Count: 617 | Estimated Reading Time: 4 minutes

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.

Source link