SEBI extends the timeline for implementation of Unified Payments Interface

Apr 04, 2019 | by Avantis RegTech Legal Research Team


The Securities Exchange Board of India (SEBI) on April 03, 2019, has extended the timeline for implementation of Unified Payments Interface (UPI). SEBI had introduced the use of UPI vide Notification dated November 01, 2018, as a payment mechanism with Application Supported by Block Amount (ASBA) for applications in public issues by retail individual investors through intermediaries like syndicate members, registered stock brokers, registrar and transfer agent and depository participants, with effect from January 01, 2019. 

In order to ensure the transition to UPI in ASBA is smooth for all the stakeholders, SEBI has decided to extend the timeline for implementation of Phrase I of the aforesaid Circular by three months that is till June 30, 2019.

[Circular No.: SEBI/HO/CFD/DIL2/CIR/P/2019/50]

Click here to download the Circular.

 


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