Paying safely: @valid UPI IDs and SEBI Check

Under a SEBI circular of 11 June 2025, investor-facing SEBI-registered intermediaries, including stock brokers, investment advisers and research analysts, collect UPI payments from investors through standardised, validated UPI IDs. These end in "@valid" followed by the bank's name, and carry a short code for the kind of intermediary: for a research analyst, ".ra" before the @. Banks issue them only after checking the entity's registration with SEBI.

1. 1Open SEBI Check on SEBI's website (linked under Sources).
2. 2Enter the UPI ID, or scan the QR code you were given. You can also check a bank account number and IFSC.
3. 3Confirm that the result names the same registered entity and registration number you found on SEBI's register.
4. 4If it does not match, do not pay. Contact the firm through the details on SEBI's register.

• Payment to a personal UPI ID, a phone number or an account in another name.
• A QR code sent in a chat by someone you have not verified.
• A "registration", "activation" or "tax" fee to release profits or a refund.
• Requests for an OTP, your UPI PIN, your trading password or screen sharing. No registered intermediary needs them.
• An offer to trade your account for you, or to share profits.
• Pressure to pay within minutes.

• With a research analyst, pay only after your KYC and after you have accepted the terms of service, including the MITC.
• Keep the invoice or receipt. It should be in the registered name.
• If you have paid a fraudster, tell your bank at once, report it on the national cyber crime helpline 1930 or at cybercrime.gov.in, and inform SEBI.

1. 1Write to the firm's grievance contact first.
2. 2If it is not resolved, lodge a complaint on SCORES. The firm must resolve it and report what it did within 21 calendar days.
3. 3If you are not satisfied with the reply, SCORES lets you ask for a review by the designated body, and then by SEBI.
4. 4If you are still not satisfied, take the dispute to SMART ODR for conciliation and, if needed, arbitration.

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