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Sebi rules for upi: Online payments have now become an important part of our life. Bill payment, shopping or investment – everything goes in a few seconds. But at the same time, digital fraud cases are also increasing. To curb this problem and ensure the safety of the user, the Securities and Exchange Board of India (SEBI) has implemented new rules.
SEBI has now introduced “legitimate UPI handle” i.e. @valid UPI ID. This ensures that the institution you are sending money is actually an institution registered in SEBI. This reduces the risk of going into the wrong account of money. Each registered broker, mutual fund company or other mediator are given a specific UPI ID. For example, the broker abc.brk@validhdfc Mutual funds xyz.mf@validici Adi is given. Thus, you can easily identify the type of institution by looking at .brk or .MF extension.
How can I be verified while paying?
When you pay using @valid UPI ID, a green triangle and thumb impression will appear on the screen. This confirms that you are paying the SEBI-registered institution. This visual confirmation increases the user’s trust.
Additional security through QR code:
Every institute recognized by SEBI is given a special QR code. There is a thumb mark in the middle of it. While paying this, the money is transferred directly to a safe account when scanned the QR code.
SEBI check service:
SEBI has introduced the “SEBI check” service to help investors to check whether their money is going to the right account or not. Through this, you can also check UPI ID, bank account details and RTGS, NEFT, IMPS transactions. This service is available on SEBI website and Sarathi app.
Benefits for users:
This rule will help in curbing digital fraud. @Conly valid UPI ID or Thums-up mark will be sure that your money is going into the right and safe account. This will make online payment easier and more secure.