New Delhi: Capital markets regulator Sebi on Tuesday said individual investors applying in public issues of equity shares and convertibles can use Unified Payment Interface (UPI) for application amount up to Rs 5 lakh.

Also, they have been asked to provide their UPI ID in the bidcumapplication form submitted with any of these entities syndicate member, stock broker, depository participant and registrar to an issue and share transfer agent.

The new guidelines will come into force for public issues opening on or after May 1, 2022, Sebi said in a circular. The decision has been taken after National Payments Corporation of India (NPCI) reviewed the systemic readiness required at various intermediaries to facilitate the processing of applications with increased UPI limit.

As on March 30, 2022, more than 80 per cent of Self Certified Syndicate Banks (SCSBs)/Sponsor Banks/UPI Apps have conducted the system changes and have complied with the NPCI provisions. In December 2021, NPCI raised the limit per transaction in UPI for UPI-based applications that support Initial Public Offering (IPO) Block Amount (ASBA) from Rs 2 to Rs 5. Check PlagiarismReset Copy download file