SEBI has revised the Unified Payment Interface (UPI) for payment in IPOs for individual investors up to ₹5 lakh. Investors have been asked to provide their UPI ID in the bid-cum-application form submitted with their stock brokers.
The new guidelines will come into force for public issues opening on or after May 1, 2022, SEBI said. 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 conducted the system changes and complied with the NPCI provisions. In December 2021, NPCI enhanced the per transaction limit in UPI from ₹2 lakh to ₹5 lakh for UPI-based application supported by blocked amount (ASBA) in IPOs.