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Securities and Exchange Board of India ( SEBI ) is creating a new system to protect investors from fraud.

Under this system, a unique UPI ID will be created for every registered financial intermediary . This will allow investors to easily ensure that their payments are reaching only registered entities.

This method will help protect investors from fraudsters and keep them connected to genuine entities.

Payment

You will get a 'thumbs up' icon to confirm secure payment 

When making payments to intermediaries registered with this new system, a special ‘thumbs up’ icon will appear, indicating that the payment is secure.

If this icon is missing, investors will receive an alert to avoid unauthorized entities.

This big step has been taken to give confidence to investors and prevent fraud. This will increase the security of transactions and reduce the incidence of fraud.

 Cost 

The system will be implemented at a low cost

According to SEBI, the system will be less costly to implement as it will involve collaboration between SEBI, National Payments Corporation of India (NPCI), banks and registered intermediaries.

With this, investors will be able to verify that they are paying to the right entities through strong KYC.

SEBI Chairperson Madhabi Puri Buch highlighted the importance of this initiative and called it necessary to combat digital fraud.