Since SEBI introduced UPI for payments in the securities market, its success has led to wider use. However, unregistered entities have been scamming investors by illegally collecting money for personal gain. SEBI wants to stop these frauds, help investors identify registered intermediaries, and ensure payments are safe, easy, and efficient.
Pay @ Valid
To fight payment fraud in the stock market, SEBI has introduced a new rule effective from October 1, 2025. All SEBI-registered entities, including stockbrokers and mutual funds, will be required to adopt unique UPI IDs with a standardised “@valid” suffix for all payment-related activities.
For instance, a broker like Zerodha might use an ID such as zerodha.brk@validhdfc, which is linked to a verified banking partner like HDFC Bank.
Verify on SEBI Check
To facilitate verification of the UPI ID, SEBI is launching “SEBI Check,” an online platform designed to enhance investor trust and streamline payments. Through SEBI Check, investors can verify the authenticity of a SEBI-registered entity’s UPI ID before making payments. This verification process ensures that the UPI ID belongs to a legitimate, registered intermediary, reducing the risk of falling victim to scams by unregistered entities.
How will the verification branding look?
Here is the identifier you will find across UPI payment screens:
This will be a part of the payment screen on your app, as well as screens from the broker that allow you to scan a QR to make payment. Here is how this might look:
When does this go live?
Although the mandatory shift happens from 1st October onwards. The banks and stockbrokers should be able to go live with the first handles over the next couple of weeks. This is the timeline SEBI has added to their circular:
Note: T = Date of issuance of SEBI circular
| Activity | Start Date | End Date |
|---|---|---|
| Issuance of the Circular by SEBI | T Day | NA |
| Self-certified syndicate banks to approach SEBI through email at [email protected] to obtain login credentials | T Day | T + 30 Days |
| Necessary changes by MIIs in their respective intermediaries portal | T Day | T + 60 Days |
| Necessary changes by Self-certified syndicate banks | T Day | T + 75 Days |
| Testing by MIIs | T + 60 Days | T + 75 Days |
| Testing by Self-certified syndicate banks | T + 75 Days | T + 90 Days |
| Allocation of UPI IDs by the banks | T + 90 Days | NA |
| Obtaining of “@valid” UPI handle | T + 90 Days | T + 105 Days |
| Discontinuation of use of old UPI IDs by intermediaries | NA | T + 180 Days |
| Investor awareness for the use of New UPI IDs by various entities (MIIs, AMFI, RTAs, MFs, Intermediaries and their associations etc.) | T + 120 Days | NA |
NA: Not applicable
Quick Brief
- SEBI-registered entities must use unique @valid UPI IDs
- Example format: zerodha.brk@validhdfc
- A unique identifier - “thumbs up in a green triangle” to mark the validity of the UPI ID
- Verification will be available through “SEBI Check” - an online platform to validate the UPI ID of the SEBI-registered entity
Here is the SEBI circular - Link.