SEBI hikes UPI limits to Rs. 5 lakhs for individual investors applying for public issues
- Blog|News|Company Law|
- < 1 minute
- By Taxmann
- |
- Last Updated on 7 April, 2022
Latest from Taxmann
Circular No. SEBI/HO/CFD/DIL2/CIR/P/2022/45, Dated: 05.04.2022
In November 2018, the SEBI introduced the use of Unified Payment Interface (UPI) as an additional payment mechanism with ‘Application Supported by Blocked Amount (ASBA)’ for Retail Individual Investors, and the same was mandated w.e.f. July 01, 2019 for applications by Retail Individual Investors submitted through Intermediaries.
The National Payments Corporation of India (NPCI) vide. circular dated 09.12.2021, hiked transaction limit in UPI from Rs. 2 lakhs to Rs. 5 lakhs for UPI-based Application Supported by Blocked Amount in Initial Public Offers (IPOs).
NPCI reviewed the systemic readiness required at various intermediaries to facilitate the processing of applications with increased UPI limits and confirmed that as on March 30, 2022, more than 80% of SCSBs/Sponsor Banks/UPI Apps have conducted the system changes and have complied with the NPCI provisions.
Accordingly, the SEBI has decided that all Individual Investors applying in Public Issues where the application amount is up to 5 Lakhs shall use UPI and also provide their UPI ID in bid-cum-application form to be submitted with any of the entities:
(a) a syndicate member
(b) a stock broker registered with a recognised stock exchange
(c) a depository participant
(d) a registrar to an issue and share transfer agent
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
