New UPI fee raises broker concerns, Sebi to examine

Synopsis Sebi is set to investigate the issues raised by discount brokers regarding new UPI charges that will impact large fund transfers starting October fifteenth. Brokers are particularly concerned that these additional costs may heavily burden them, as trades are not insured after the transfers are made. Additionally, the complexity of quarterly settlements could further escalate their expenses. Mumbai: The Securities and Exchange Board of India (Sebi) will examine concerns raised by discount brokers over the new merchant discount rate for big fund transfers through UPI (unified payments interface), its chief Tuhin Kanta Pandey said Thursday. “I think there are…