Get your “@valid” UPI ID by 6 October 2026 — BSE clarifies for RAs

BSE (RAASB) has issued a clarification on how Research Analysts must implement SEBI's “@valid” UPI IDs. In short: every investor-facing bank account you use to collect fees must be linked to a “@valid” UPI ID — so it's verifiable through SEBI Check — and you must do it by 6 October 2026.

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What's required

• Link every investor-facing bank account — any account through which you receive funds from individual / non-institutional investors — to a “@valid” UPI ID.
• This ensures each such account is verifiable through SEBI Check (so investors can confirm they're paying a genuine, SEBI-registered RA).
• New accounts too: any new investor-facing bank account you open later must also be linked to a “@valid” UPI ID.

How to apply — step by step

• 1. Log in to the BSE portal via iaraportal.sebi.gov.in.
• 2. Go to BSE portal → “UPI Request Handle” and submit your request.
• 3. Once your UTN is generated, approach your bank to complete the documentation/process for the “@valid” UPI handle.

Need the right person at your bank? Our UPI Banks contact list has the bank-wise details (KYC, bank statement & RA certificate are typically needed).

What the SEBI FAQ clarifies — for RAs

SEBI's clarification letter (7 Aug 2026, Dept. of Economic & Policy Analysis) comes with a 21-point Standard FAQ for Intermediaries. Here's what actually matters for a Research Analyst:

• Which accounts count. Any bank account that is both directly visible to an investor and may receive money from an individual / non-institutional investor — for an RA, that's your fee-collection account, and any account whose number or QR code you share with clients for payment.
• Which don't. Internal operational, settlement, treasury, vendor-payment, salary, undisclosed pool and payment-aggregator escrow accounts are not covered — anything an investor isn't expected to pay into directly.
• One “@valid” UPI ID per account. Each investor-facing account needs its own “@valid” UPI ID — a single ID cannot cover multiple accounts.
• You needn't actually collect through every one. The goal is verifiability on SEBI Check, not routing. Extra “@valid” UPI IDs may stay disabled for inward UPI (subject to your bank), and you can keep collecting through your preferred ID. Offline “@valid” UPI IDs are fine where the bank permits.
• NEFT / RTGS / IMPS / bank transfer still work. No payment mode is restricted — investors can keep paying any permitted way. The catch: the destination account must be verifiable on SEBI Check.
• Inactive & new accounts. An account not receiving investor money needs nothing now — but it must get a “@valid” UPI ID before it's ever used to receive investor funds, and so must any new collection account you open.
• After the deadline. From 6 Oct 2026, receive investor funds only into accounts that are verifiable on SEBI Check.
• The simple test (Q16). If an investor can directly transfer money into the account, it must be verifiable through SEBI Check.
• No new obligation beyond the circular. This clarification supplements (does not amend) the 11 Jun 2025 circular; for issuance/activation issues, coordinate with your sponsor / partner bank.

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