SEBI/HO/DEPA -II/DEPA -II_SRG/P/CIR/2025/86 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/DEPA -II/DEPA -II_SRG/P/CIR/2025/86 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 . June 11, 2025 1.3.While the use of this structured UPI mechani