Sebi to provide digital safety to investors

Bets on UPI validation to checkmate stock market frauds

- NESIL STANEY

THE SECURITIES AND Exchange Board of India (Sebi) on Wednesday launched a new initiative, 'SEBI Check', to help investors validate UPI addresses of registered intermediaries who collect funds from investors in real time.

Speaking at the launch, Sebi chairman Tuhin Kanta Pandey said, "We are introducing a systemic solution for investor safety." Some apps, which look similar to broker apps, have defrauded investors. Going forward, the market regulator will ask Playstore to verify such apps, he said, explaining the reason to go the extra mile.

The new system will be implemented from October 1, and will apply to nearly 9,000 Sebi-registered intermediaries, mostly brokers, involved in fund collection.