UPI ID for every market participant

WITH the increasing incidents of investors getting defrauded by unscrupulous elements, market regulator Sebi is developing a digital shield to protect investors from being defrauded, using an NPCI-verified UPI Id for each market participant and banks.

- BENN KOCHUVEEDAN @Mumbai

The tool called "Valid" will be launched from October 1, which along with the tool "Sebi Check", will be validating payment authenticity. By October 1, all market makers who number around 9,000 will have to roll out this feature on their trading platforms, Sebi chairman Tuhin Kanta Pandey told reporters here on Wednesday.

"We have roped in NPCI for the tool and the Corporation will be creating unique IDs for each bank, which can be verified on Sebi Check," he added. Through Sebi's payment mechanism '@Valid', all market intermediaries will be able to use it to collect funds from clients via UPI app, benefitting brokers, mutual funds, research analysts, investment advisers, and other market intermediaries, he added.