New UPI system ensures money only goes to verified brokers
The Securities and Exchange Board of India (SEBI) has rolled out a new initiative called ‘Pay Right’, designed to protect stock market investors from UPI payment fraud.
What’s new?
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Verified UPI IDs: Every SEBI-registered stockbroker and intermediary will now have a unique, alphanumeric UPI ID. This ensures money goes only to genuine entities, not scammers.
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Green Thumbs-Up Icon: While making a payment, if the broker is verified, a green triangle with a thumbs-up will appear next to their UPI ID. If it’s missing—don’t pay.
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Higher UPI Limits: To make trading easier, SEBI will raise the daily UPI transaction limit from ₹2 lakh to ₹5 lakh.
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Live Verification: Real-time checks will alert users if a UPI ID is fake or unregistered.
This move comes as online financial scams are rising. SEBI’s goal: ensure investor money reaches the right hands and boost confidence in digital market transactions.
The initiative is under public consultation, with full implementation expected soon. Investors are advised to look for the verification icon and only pay to SEBI-authorised UPI handles.
Request to @PravinJ: please let us customise the UPI ID for Dhan account.