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Capital market regulator on Wednesday rolled out a special initiative to help investors make market-related payments securely to intended stock brokers and other market intermediaries. This facility is designed to ensure that money is transferred to intended and registered stockbrokers and other intermediaries. 

This confirmed a Zee Business exclusive report this week that such an initiative was on the cards.  

Zee Business reported that a limit of Rs 5 lakh would apply to transactions under this mode, and investors will have to use modes such as NEFT and RTGS for larger sums. 

Currently, a limit of Rs 2 lakh per day applies to UPI transactions for capital market investments.

Under the Pay Right system, this limit is set to be raised to Rs 5 lakh per day, in order to allow investors greater flexibility in transactions.

The market regulator review and revise this limit from time to time, if and when needed.

Under the system, valid UPI IDs will have green 'thumbs up' signs, making it easier for the customer to identify them. These IDs will only be issued after a rigorous OTP and SEBI portal verification-based process, said the sources. 

Under the arrangement, banks along with market infrastructure institutions (MIIs)—entities like stock exchanges, clearing corporations and depositories—will run outreach programmes and awareness drives for their customers, providing them with details related to the system through digital means such as SMS, email, websites and social media. 

According to the sources, the Pay Right UPI IDs are likely to be issued in the formats 'abc.bkr@payrighthdfc' or 'abc.mf@payrighthdfc' in consultation with banks, SEBI and NPCI.

SEBI has been planning to introduce a dedicated UPI-enabled payment system for Dalal Street aimed at enabling investors from making secure payments to brokers and other market entities. 

This special initiative is set to offer the following: 

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