Sebi extends phase 1 implementation of UPI for retail IPO investors till June 30

NEW DELHI: Markets regulator Sebi Wednesday extended the timeline for the implementation of phase 1 of Unified Payments Interface (UPI) as an alternative payment mechanism for retail investors buying shares in a public issue.

To ensure smooth transition to UPI in ASBA (Application Supported by Block Amount) and in the back drop of the representation received from various stakeholders, Sebi said, “it has been decided to extend the timeline for implementation of Phase I… by 3 months i.e. till June 30, 2019”

However, the timeline for implementing phase 2 and phase 3 shall remain unchanged from the date of completion of phase 1, Sebi said in a circular.