Sebi extends second phase of UPI implementation for retail investors till further notice

Amid the prevailing situation due to coronavirus pandemic, markets regulator Sebi on Monday decided to continue with the current phase of Unified Payments Interface (UPI) mechanism facility for retail investors applying for shares in public issue, till further notice.

In November 2019, the timeline for implementation of Phase II of UPI with Application Supported by Blocked Amount (ABSA) was extended till March 31, 2020.

The decision to continue with the second phase came after representations were made to Sebi by various stakeholders amid prevailing uncertainty due to the COVID-19 pandemic.

“It has been stated that the systems and processes for achieving Phase III timelines of T+3 need to be further deliberated and finalized in light of the experience gained during one of the major IPOs that opened and closed in the first week of March 2020,” Sebi said.