Description

BSE issues standard operating procedure (Version 1.1) for requesting and managing 'At Valid' UPI IDs by SEBI registered intermediaries including brokers, DPs, IAs and RAs for payment collection from investors.

Summary

BSE has released Version 1.1 of the Standard Operating Procedure (dated 06-08-2025) for the adoption of standardised, validated and exclusive UPI IDs by SEBI registered intermediaries for payment collection from investors. This document is based on SEBI Circular SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86 dated 11 June 2025 and NPCI Circular NPCI/UPI/OC/217/2025-26 dated 3rd July 2025. The procedure covers the process for requesting ‘At Valid’ UPI IDs by registered entities and their approval by banks through BSE’s membership portal.

Key Points

  • Standard Operating Procedure Version 1.1 released on 06-08-2025
  • Based on SEBI Circular dated 11 June 2025 and NPCI Circular dated 3rd July 2025
  • Applicable to SEBI registered intermediaries including Brokers, DPs (Depository Participants), IAs (Investment Advisors) and RAs (Research Analysts)
  • System access through UAT Portal: https://membershipraia.bseindia.com/login.aspx
  • Entities can request new UPI IDs and view status of existing requests through BSE portal
  • Entity information is auto-filled and non-editable based on SEBI registration certificate
  • System allows use of registered trade names with trademark registration number
  • Username is automatically generated by the system with options for customization
  • Entities can select accounts in the name of the entity, Exchange, or Clearing Corporation
  • Optional parameters available for adding additional information to usernames

Regulatory Changes

This SOP implements the regulatory requirement for SEBI registered intermediaries to adopt standardised, validated and exclusive UPI IDs for payment collection as mandated by SEBI. The procedure formalises the process for:

  • Requesting ‘At Valid’ UPI IDs through BSE’s centralised system
  • Bank approval mechanism for UPI ID requests
  • Standardisation of UPI ID naming conventions
  • Validation of legal account holder information
  • Integration with NPCI guidelines for UPI management

Compliance Requirements

For SEBI Registered Intermediaries (Brokers, DPs, IAs, RAs):

  1. Registration and Access: Access BSE’s UPI management portal at https://membershipraia.bseindia.com/login.aspx

  2. UPI ID Request Submission:

    • Submit requests through the “Request new UPI IDs” option
    • Verify auto-filled entity information from SEBI registration
    • Provide accurate beneficiary bank account details and IFSC code

  3. Account Holder Selection:

    • By default, use entity’s own account
    • Option to select Exchange or Clearing Corporation accounts by enabling “Different Legal Account Holder?” toggle

  4. Trade Name Usage:

    • Entities can use registered trade names
    • Must provide trademark registration number if using trade name

  5. Username Configuration:

    • Accept system-generated username or customize using provided options
    • Can generate longer usernames or use fixed-length username with character selection
    • Can add optional parameters between username and category suffix

  6. Request Monitoring: Track status of submitted requests through “View all Requests” option

For Partner Banks:

  • Review and approve ‘At Valid’ UPI ID requests submitted by registered entities
  • Follow the approval procedure outlined in Section 2 of the SOP (not included in provided content)

Important Dates

  • SEBI Circular Date: 11 June 2025 (SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86)
  • NPCI Circular Date: 3rd July 2025 (NPCI/UPI/OC/217/2025-26)
  • SOP Version Date: 06-08-2025 (Version 1.1)
  • Circular Publication Date: 20 October 2025

No specific implementation deadline mentioned in the provided content.

Impact Assessment

Operational Impact:

  • SEBI registered intermediaries must integrate with BSE’s UPI management portal
  • Requires submission and approval workflow for each UPI ID request
  • Changes to payment collection infrastructure for all affected intermediaries
  • Need for coordination between registered entities and partner banks

Compliance Impact:

  • Mandatory standardisation of UPI IDs across all SEBI registered intermediaries
  • Enhanced validation and verification of payment collection mechanisms
  • Improved traceability and accountability in investor payment collection
  • Alignment with NPCI guidelines for UPI operations

Market Impact:

  • Affects all brokers, depository participants, investment advisors and research analysts
  • Standardisation may improve investor confidence in payment security
  • Potential operational disruption during transition period
  • Enhanced regulatory oversight of payment collection processes

Technical Impact:

  • Entities need to familiarise with BSE’s UPI request portal
  • System integration required for UPI ID management
  • Banks need to implement approval mechanisms
  • Ongoing monitoring and management of UPI ID requests and status

Impact Justification

Mandatory standardisation of payment collection mechanism affecting all SEBI registered intermediaries; requires system integration and operational changes for UPI ID management