‘Need valid UPI identities for intermediaries’: Sebi to launch verification system by October

Sebi on Wednesday announced plans to introduce valid UPI identities for registered intermediaries and a tool for investors to verify the authenticity of such IDs before investing. The move aims. to curb instances of financial fraud in the capital markets amid a growing unique investor base.

The regulator said the system, which will come into effect from October, will allow all investors to identify, isolate and avoid unregistered entities while also ensuring that their payments are reaching only registered intermediaries.