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National Stock Exchange of India

Circular

To All Members,

Subject: Clarification regarding implementation of "@valid" UPI IDs

This is in continuation to SEBI Circular No. SEBI/HO/DEPA-II/DEPA-II_SPG/P/CIR/2025/86 dated June 11, 2025, and Exchange Circular No. NSE/COMP/70193 dated September 12, 2025, regarding the adoption of Standardised, Validated and Exclusive UPI IDs for payment collection by SEBI Registered Intermediaries from investors.

In this regard, SEBI vide its communication dated August 07, 2026, has provided clarification on implementation of “@valid” UPI IDs for investor facing bank accounts maintained by trading members. The clarification along with the FAQs is enclosed herewith as Annexure A and Annexure B respectively.

Accordingly, all trading members are required to ensure that all investor facing bank accounts (upstreaming accounts) through which funds are received from individual/non-institutional investors shall be linked with a “@valid” UPI ID to ensure that such accounts are verifiable through SEBI Check.

All Trading Members are required to apply for a “@valid” UPI handle on the NSE portal and ensure compliance. The link for submission of UPI ID request through ENIT is given below:

ENIT -> ENIT-NEW-COMPLIANCE->COMPLIANCE-> UPI IDs Request Portal -> UPI IDs Request Submission

Members registered with more than one stock exchange are advised to submit the request for a “@valid” UPI handle through only one Exchange.

After submitting the request for a “@valid” UPI handle to the Exchange, members are advised to approach their respective banks to complete the documentation/process required for obtaining the “@valid” UPI handle.

Trading Members shall ensure compliance with the above requirements within T+30 days, where T is August 07, 2026, i.e. by September 06, 2026.

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National Stock Exchange of India

Further, any new investor-facing bank account (upstream account) opened by a trading member after the issuance of this circular, such new bank account shall also be mandatorily linked to a “@valid” UPI ID, to ensure that such account can be verified through SEBI check.

For any support, please reach out to the helpdesk on 1800 266 0050 (Select IVR option 3) or email at memcompliance_support@nse.co.in

For and on behalf of National Stock Exchange of India Limited

Ritika Panwar Chief Manager

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Annexure A

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Clarification regarding implementation of "@valid" UPI IDs

To, Recognized Stock Exchanges, Registered Depositories, Association of Mutual Funds in India (AMFI) Investor Facing Intermediaries,

Subject: Clarification regarding implementation of "@valid" UPI IDs for all investor-facing collection bank accounts

Dear Sir/Madam,

SEBI had issued Circular No. SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86 dated June 11, 2025 (hereinafter the circular) mandating the adoption of standardized, validated and exclusive "@valid" UPI IDs for collection of funds from investors.

The objective of the framework is to enable investors to verify payment credentials of SEBI-registered intermediaries through the SEBI Check facility before transferring funds.

It has been observed that while many intermediaries have obtained "@valid" UPI IDs for one or more bank accounts, certain other bank accounts that may receive monies from individual investors, through NEFT, RTGS, IMPS, Bank Transfer or any other mode, are presently not linked with a "@valid" UPI ID. Such accounts cannot presently be verified through SEBI Check. The circular established a sunset clause regarding the use of non-validated UPI IDs by registered intermediaries. Following this deadline, non-validated UPI IDs can no longer be used to receive payments, fees, or funds from individual / non-institutional investors. It is understood that these bank accounts, which are currently not linked to a "@valid" UPI ID, are also not associated with any other UPI ID.

To fully achieve the investor protection objective of the Circular, it is clarified that all bank accounts through which an intermediary receives funds, fees or any other monies from individual / non-institutional investors, and which are directly accessible to investors for making payments, should be linked with a "@valid" UPI ID so that such accounts are also verifiable through SEBI Check.

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This requirement applies only to investor-facing collection accounts. Internal operational accounts, settlement accounts or other accounts not directly used by investors for remitting funds are not covered.

It is further clarified that the additional "@valid" UPI IDs obtained for this purpose need not necessarily be used for accepting UPI payments. Intermediaries may continue using their existing operational "@valid" UPI IDs based on business requirements. The objective is to ensure that all investor-facing bank accounts, including those receiving payments through NEFT, RTGS, IMPS, Bank Transfer or any other mode, remain verifiable through SEBI Check.

Considering T as the date of issuance of this clarification, the intermediaries are required to carry out the above activity within the following timelines:

A detailed FAQ explaining the clarification is enclosed for ease of implementation.

All concerned intermediaries are advised to take necessary steps to ensure compliance within the timelines specified in the clarification.

For any operational issues relating to issuance or activation of "@valid" UPI IDs, intermediaries may coordinate with their respective partner/sponsor banks.

Yours faithfully,

[Image omitted. See the official document.]

Prabhas Kumar Rath Chief General Manager Department of Economic and Policy Analysis

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Annexure B

Standard FAQ for Intermediaries

Frequently Asked Questions (FAQs) Clarification on SEBI Circular dated June 11, 2025 on Adoption of Standardized, Validated and Exclusive "@valid" UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors

Q1. Which intermediaries this is applicable to?

Considering T as the date of issuance of this clarification, this is applicable to the intermediaries in the following segments:

Q2. Why is SEBI issuing this clarification?

The objective is to ensure that all bank accounts through which an intermediary receives money from individual / non-institutional investors, including through NEFT, RTGS, IMPS, bank transfer or any other modes, are verifiable through the "SEBI Check" facility.

Currently, only those bank accounts that are linked with a validated "@valid" UPI ID are visible on SEBI Check. Consequently, investors cannot verify other bank account of an intermediary not having "@valid" UPI ID before transferring money.

To strengthen investor protection and reduce the risk of fraudulent fund transfers, all investor-facing collection accounts should therefore be made verifiable through SEBI Check.

Q3. Which bank accounts are covered?

All bank accounts that satisfy both of the following conditions:

• are directly visible to an investor; and
• may receive funds, fees or any other money from an individual / non-institutional investor.

Examples include:

• Trading account collection accounts
• Margin collection accounts
• Mutual fund application accounts
• PMS fee collection accounts
• DP charge collection accounts
• Research Analyst fee collection accounts
• Investment Adviser fee collection accounts
• Any account whose number or QR code is shared with investors for payment.

Q4. Which bank accounts are not required to obtain a "@valid" UPI ID?

The clarification does not apply to accounts which individual / non-institutional investors are not expected to directly transfer money into.