Retail investors can apply for new bond issues from Jan 1 through UPI - SEBI
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The regulator has allowed the UPI mechanism to block funds for application value up to Rs 2 lakhs submitted through intermediaries.
The new option would be applicable to investors for public issue of debt securities which open on or after January 1, 2021.
The details of commission and processing fees payable to each intermediary and the timelines for payment should be disclosed in the offer document, Sebi said.
Also, intermediaries should provide necessary guidance to investors in use of UPI while making applications in public issues.
The regulator said all entities involved in the process should co- ordinate with one another to ensure completion of listing of securities and commencement of trading by T+6 day.
UPI is an instant payment system, which allows transfer of money between any two persons’ bank accounts using a payment address which uniquely identifies a person's bank account.
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