CIRCULAR
SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86 June 11, 2025
To,
Recognized Stock Exchanges, Clearing Corporations, and Registered
Depositories (collectively referred to as Market Infrastructure Institutions (MIIs))
Investor Facing Intermediaries,
Registrar and Share Transfer Agents (RTAs) and
Self-Certified Syndicate Banks (SCSBs)
Madam/Sir,
Subject: Adoption of Standardised, Validated and Exclusive UPI IDs for Payment
Collection by SEBI Registered Intermediaries from Investors
1. Objective
1.1. Keeping in view the significant advancements in payment systems and with an
objective to further enhance accessibility and safety in the securities market, it
has been decided to put in place a structured Unified Payment Interface (‘UPI’)
address mechanism for SEBI-registered investor-facing intermediaries
(‘intermediaries’) to collect funds from their investors. This mechanism shall
provide investors with the option to transfer funds directly to the requisite bank
accounts of intermediaries that have been validated with SEBI. The transfer of
funds through this mechanism will assure investors that their payments are
being made to the verified and registered market intermediaries.
1.2. This initiative is being operationalized pursuant to public consultation and
extensive deliberations with relevant stakeholders, including the National
Payments Corporation of India (NPCI) and the SCSBs. The operational
procedure for implementing this structured UPI address framework by
intermediaries is detailed in the subsequent sections of this circular.
Additionally, a flowchart outlining the end-to-end process, along with key
decision points related to the allocation and implementation of structured UPI
IDs, is provided at Annexure A.
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1.3. While the use of this structured UPI mechanism by investors shall remain
optional, it is mandatory for intermediaries to obtain and make available
this structured UPI address to their investors. Additionally, intermediaries
are advised and encouraged to actively promote and facilitate the adoption of
this mechanism among their investors.
2. Structure of the Dedicated UPI Address
2.1. A UPI address (UPI ID) is typically made up of a Username and a handle,
separated by an “@” symbol. In this mechanism, Username will be an
alphanumeric ID that will be generated for the user while the handle used will
be a unique identifier linked to the bank of the registered intermediaries. The
same has been illustrated below with examples:
i. Username: An intermediary will select a username that is readable and
relatable to them as per their presence in the respective segments of
the securities market, which will be followed by an abbreviation
representing their intermediary segment.
Example: abc.brk, if an intermediary ‘abc’ operating as a broker and
xyz.mf, if an intermediary ‘xyz’ is operating as a mutual fund.
The list of abbreviations for UPI Username Suffix segregated as per the
‘Intermediary Type’ is placed at Annexure B. Further, the utility for
generating Usernames is detailed in Annexure D. The Usernames can
only be generated using this utility.
ii. UPI Handle: To make it convenient for investors to identify, the UPI
address of intermediaries shall use a unique and easily relatable handle
“@valid”, combined with the name of the self-certified syndicate banks
as mentioned in Annexure C. These handles will be allocated by NPCI.
Accordingly, continuing with the example in point (i), the complete
handle, say for a registered broker and mutual fund, will respectively
look like: abc.bkr@validhdfc, xyz.mf@validhdfc
2.2. For the payments made to registered market intermediaries, through the above
UPI handle, a “thumbs-up inside a green triangle” icon, as depicted below,
shall be available.
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It is envisaged that the above icon will further assure the investors that the
payments are being made to the verified registered market intermediaries and
at the same time its absence would caution investors of the risk that they are
making payments to unauthorised entities.
3. Framework for Allocation and Use of @valid UPI Handles
3.1. UPI IDs with the handle @valid shall be exclusively designated for payment
collection by intermediaries registered with SEBI under merchant category
code 6211. The usage of these UPI handles for any activity other than the
intended payment collection shall not be permitted. The detailed operational
guidelines regarding the issuance and use of such handles shall be
communicated by NPCI through appropriate channels.
3.2. The self-certified syndicate banks shall initiate request to NPCI for the
issuance of new UPI handles in accordance with the prevailing handle
issuance policy at NPCI. Intermediaries will be able to use their existing bank
accounts to obtain the UPI IDs from the syndicate banks and opening of new
bank accounts is not necessary. Further, only the self-certified syndicate banks
as mentioned in Annexure C will be allocated “@valid” handles by NPCI.
4. Transaction Limits
4.1. UPI, being a retail product, has certain transaction limits. Each app and bank
impose its own limits; however, upper limits are set by NPCI. At present, this
limit for capital market transactions is in the range of ₹2 lakhs – ₹5 lakhs per
day.
4.2. Based on our analysis and available limits on transaction amount through UPI,
the upper limit of up to ₹5 lakhs per day for capital market transactions (done
through UPI) shall be available, subject to periodic review and further
evaluation as necessary.
5. Mechanism to Verify UPI IDs and Bank Account Details of Intermediaries
5.1. In order to provide an additional layer of security and help investors verify the
authenticity of an entity before proceeding with any financial transaction, SEBI
is in the process of developing a functionality named “SEBI Check”.
5.2. This functionality will allow investors to verify the authenticity of UPI IDs either
by scanning a QR code or by entering the UPI ID manually.
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5.3. This tool will also include a feature to confirm the bank details such as bank
account number and Indian Financial System Code (IFSC) of an intermediary.
6. Responsibilities of Intermediaries, Self-Certified Syndicate Banks, MIIs and
RTAs
6.1. Investor Facing Intermediaries
The intermediaries enlisted in Annexure B are required to take note of the
following:
6.1.1. Ensure that their mobile number and email address are updated in the SI
Portal. However, an intermediary is free to have multiple business
accounts, and each account can have its own unique UPI ID.
6.1.2. The intermediaries need to obtain new UPI IDs from the banks and they
will be able to use the old handles in parallel for the duration as specified
in Section 6, post which the old handles have to be discontinued.
6.1.3. The existing mode of fund transfer for the ongoing Mutual Funds SIPs will
continue to remain in force to avoid any disruption. However, new SIPs
and renewal or extension of existing SIPs must be done using the new
UPI IDs only.
6.1.4. Create investor awareness about new payment handles and “SEBI
Check” functionality through modes like SMS, e-mail communications,
social media posts and audio-visual messages. These should include
clear and prominent displays on websites, aimed at empowering investors
with detailed information about the presence of unique and secured UPI
handle for payments to intermediaries. A few examples in this regard have
been placed at Annexure E.
6.1.5. Create awareness and educational content for investors by placing
relevant FAQs on the respective websites. A few examples in this regard
have been placed at Annexure F.
6.2. Self-Certified Syndicate Banks
6.2.1. Obtain API access which will function as per the details provided, and to
issue the UPI ID only after verification using the utility as shown in
Annexure D.
6.2.2. Do proper due diligence while issuing the UPI IDs as per the procedure
described in Section 3.
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6.3. MIIs and RTAs
6.3.1. MIIs are required to make necessary changes at their end to enable
intermediaries to access SI Portal through them.
6.3.2. Create investor awareness about new payment handles and “SEBI
Check” functionality through modes like SMS, e-mail communications,
social media posts and audio-visual messages. These should include
clear and prominent displays on websites, aimed at empowering investors
with detailed information about the presence of unique and secured UPI
handle for payments to intermediaries. A few examples in this regard have
been placed at Annexure E.
6.3.3. Create awareness and educational content for investors by placing
relevant FAQs on the respective websites. A few examples in this regard
have been placed at Annexure F.
7. Activity-wise Timelines
Considering T as the date of issuance of this SEBI circular, the activity-wise
timelines to be performed by MIIs, banks and intermediaries is as explained below:
Activity Date
Start End
Issuance of the Circular by SEBI T Day NA
Self-certified syndicate banks to approach SEBI through T Day T + 30 Days
an e-mail at paymenthandles@sebi.gov.in to obtain the
login credentials
Necessary changes by MIIs in their respective T Day T + 60 Days
intermediaries portal
Necessary changes by Self-certified syndicate banks T Day T + 75 Days
Testing by MIIs T + 60 Days T + 75 Days
Testing by Self-certified syndicate banks T + 75 Days T + 90 Days
Allocation of UPI IDs by the banks T + 90 Days NA
Obtaining of “@valid” UPI handle by intermediaries T + 90 Days T + 105 Days
listed at Annexure B
Discontinuation of use of old UPI IDs by intermediaries NA T + 180 Days
(except those mentioned in Para 6.1.3)
Investor awareness for the use of New UPI IDs by various T + 120 NA
entities (i.e. MIIs, AMFI, RTAs, MFs, Intermediaries and Days
their associations’ etc.)
NA: Not applicable
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8. The standardised, validated and exclusive UPI IDs shall be available for investors
for making payments to intermediaries w.e.f. October 01, 2025.
9. This Circular is being issued in exercise of powers conferred under Section 11(1)
of the Securities and Exchange Board of India Act, 1992, to protect the interests
of investors in securities and to promote the development of, and to regulate, the
securities market.
10. This Circular is available at www.sebi.gov.in under the link “Legal → Circulars”.
Yours faithfully,
Prabhas Kumar Rath
Chief General Manager
Department of Economic and Policy Analysis
Tel. No. 022-26449772
E-mail: prabhasr@sebi.gov.in
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Annexure A
Process Flow for allocation of UPI Handles
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Annexure B
Abbreviations for UPI Username Suffix
1. Investor Facing Intermediaries
S.No. Intermediary Type Username Suffix
1. Stock Brokers across Segment brk
2. Banker to an Issue bti
3. Depository Participants across depositories dp
4. Research Analyst ra
5. Investment Adviser ia
6. Infrastructure Investment Trust invit
7. Mutual Fund mf
8. Portfolio Manager pms
9. SM REIT sreit
10. Real Estate Investment Trust reit
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Annexure C
List of Self-Certified Syndicate Banks Eligible to Issue UPI IDs
S.No. Name S.No. Name
1 AU Small Finance Bank 27 Karnataka Bank Limited
2 Axis Bank 28 Karur Vysya Bank Limited
3 Bandhan Bank 29 Kotak Mahindra Bank
4 Bank of Baroda 30 Nutan Nagarik Sahakari Bank Limited
5 Bank of India 31 Punjab & Sind Bank
6 Bank of Maharashtra 32 Punjab National Bank
7 Canara Bank 33 Rajkot Nagarik Sahakari Bank Limited
8 Central Bank of India. 34 RBL BANK
9 Citibank N.A 35 Saraswat Co-operative Bank Limited
10 City Union Bank 36 South Indian Bank
11 DBS Bank India Limited 37 Standard Chartered Bank
12 DCB Bank 38 State Bank of India
13 Deustche Bank 39 SVC Co-operative Bank Limited
14 Dhanlaxmi Bank Limited 40 Tamilnad Mercantile Bank
15 Equitas Small Finance Bank 41 The Ahmedabad Mercantile Co-operative Bank Limited
16 GP Parsik Sahakari Bank Limited 42 The Catholic Syrian Bank Limited
17 HDFC Bank Limited 43 The Federal Bank Limited
18 HSBC Bank 44 The Jammu & Kashmir Bank Ltd
19 ICICI Bank 45 The Kalupur Commercial Co-operative Bank Limited
20 IDBI Bank Limited 46 The Mehsana Urban Co-operative Bank Limited
21 IDFC FIRST Bank 47 The Surat People's Co-op Bank Limited
22 Indian Bank 48 TJSB Sahakari Bank Limited
23 Indian Overseas Bank 49 UCO Bank
24 IndusInd Bank 50 Union Bank of India
25 Jana Small Finance Bank Limited 51 Utkarsh Small Finance Bank Limited
26 Janata Sahakari Bank Limited 52 Yes Bank
Please refer to the updated list of “Self Certified Syndicate Banks eligible as issuer banks
for UPI” under the “Recognised Intermediaries” on the SEBI website at the URL:
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40
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Annexure D
Guide to Username, UPI ID and QR Code Generation Utility
The utility developed to create Usernames, UPI IDs and QR Code shall be made
available on SI Portal. The following steps describe the generation of UPI IDs and
QR codes by intermediaries:
STEP 1: GENERATE USERNAME
a. The intermediary needs to enter their business name as per the SEBI
registration certificate or registered trademark, based on their preference.
b. Subsequently, the intermediaries need to validate the same for any errors, post
which the form will be submitted.
c. The request will be sent to the respective bank of the intermediary for approval
and allocation of the handle.
STEP 2: GENERATE QR CODE
On SI portal, the intermediaries will be able to see the handles approved by their
respective bank. Subsequently, intermediaries will be able to generate and
download a QR code from the tab placed next to it.
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An indicative QR code has been placed below:
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Annexure E
Examples for Standard Template Based Communications
Examples for Digital Communications
i. "We have a validated UPI ID for payment, please pay us at <<New UPI ID>>."
ii. "To make your payments secure, we got a validated UPI handle <<New UPI
ID>>."
Examples for Print Communications
i. "We are using a validated UPI ID for payment, please prefer to pay us at <<New
UPI ID>>."
ii. "Securities Market has validated UPI IDs, please prefer to use them making
your payments secure. Click here for more details."
iii. "The market now has new validated and exclusive UPI IDs, visit our website to
know more."
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Annexure F
Frequently Asked Questions (FAQs)
INTERMEDIARIES
Q. Is it compulsory for the intermediaries to obtain these UPI IDs?
Ans. Yes, it is mandatory for all intermediaries to obtain these UPI IDs. The overall
process has been described in Annexure A. A temporary record will be created
in SEBI’s system once an intermediary request for it through SI portal, and the
same will be moved to final records upon confirmation from the bank. The
intermediaries also need to make investors aware of the new handle and
mandatorily offer it as one of the payment options to them.
Q. What will happen to the payments done through existing UPI IDs of the
intermediaries?
Ans. The intermediaries will have to stop accepting payments using the current
UPI IDs post the specified deadline. While, the existing mode of fund transfer for
the ongoing Mutual Funds SIPs will continue to remain in force to avoid any
disruption, the new SIPs and renewal or extension of existing SIPs must be done
using the new UPI IDs only.
Q. Do I need to use the utility being provided?
Ans. Intermediaries have to use the utility to check for their preferred username.
However, the allocation of the preferred username will be subject to its availability.
Q. Is it mandatory to generate a QR code?
Ans. Yes, it is mandatory to generate a QR code with the "thumbs-up" logo for the
convenience of investors, as scanning a QR code is more secure and reliable.
Q. Can I use the same username with multiple banks or handles?
Ans. The utility will allow the same username to be valid across different banks,
for example abc.brk@validhdfc and abc.brk@validicici. However, it needs to be
unique at a bank level.
Q. Is it mandatory to have suffix (as mentioned in Annexure B) in the
Username?
Ans. Yes, it is mandatory to have the suffix as it will enable investors to easily
identify the category of the registered intermediary they are dealing with. This will
be automatically added by the SI portal as per the login details of the intermediary.
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Q. Can I apply for different UPI IDs from my single login in SI portal?
Ans. Yes, an intermediary can apply to multiple banks using the same login in the
SI portal. However, if the intermediary has registration under different categories,
they will be required to apply for the handles for each category separately.
Q. For how many accounts do I need to generate “@valid” UPI IDs?
Ans. An intermediary is expected to generate “@valid” UPI ID for all accounts in
which the funds are received from investors. It is also mandatory for an
intermediary to add atleast one account for each category-wise login they have
and generate “@valid” UPI ID for the same.
INVESTORS
Q. Is it compulsory for the investors to use the new handle only?
Ans. The investors can choose their preferred mode of payment, such as UPI,
IMPS, NEFT, RTGS, or Cheques. If an investor opts to use UPI for the payment
to registered intermediaries, then they have to do so only using the new UPI IDs
allotted to registered intermediaries.
Q. What should I check while making payment using the new UPI IDs/ QR
Code?
Ans. Investors need to keep following things into consideration:
1. The UPI ID should properly show the name of the intermediary, followed by
the short abbreviation of their category for example “brk” for Brokers, “mf” for
Mutual Funds to the left of the “@” character.
2. On the right side of the “@”, the new and exclusive handle “@valid” should
be present, followed by the bank name.
3. On the confirmation screen, the app should show a white thumbs-up icon
inside a green triangle.
4. The QR code generated using the utility will have a white thumbs-up icon
inside a green triangle. It will also display the UPI ID just below the QR code.
Q. Do investors also need to obtain new UPI handles to transact in the
securities market?
Ans. No, the new UPI IDs are only for intermediaries to obtain and investors can
continue to use their existing UPI IDs.
Q. Whom to approach if my transaction/ payment fails with the new UPI ID?
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Ans. The secure validated UPI ID of intermediaries will use the same banking
channel as the earlier generic UPI handles. In case of any technical difficulty,
investors are requested to approach their respective bank.
BANKS
Q. How to generate the UPI ID for customers/clients?
Ans. Once the systems are ready to issue the validated UPI IDs, you are expected
to refer to the details mentioned in Annexure D on the process of generating a
username and UPI ID.
Q. Should we discontinue the older UPI IDs of intermediaries used for
payment?
Ans. The timelines with respect to discontinuation of use of old UPI IDs by
intermediaries has been mentioned in Para 7. Therefore, banks need not
discontinue the old UPI IDs as of now.
Q. Is it compulsory to use the provided utility for generating Username and
UPI ID?
Ans. Yes, the username has to be created using the utility as it will ensure that
the username matches with the business name provided by the registered
intermediary and as a result the investors will be able to easily identify the
intermediary.
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