Sebi asks QSBs to offer UPI mechanism, 3-in-1 facility to investors from Feb 1
stock brokers to offer either the facility of trading in the secondary market using the UPI-based block mechanism to their clients similar to the ASBA facility or a three-in-one trading account facility from February 1. These qualified stock brokers brokers (QSBs) must offer one of these two options, in addition to the current mode of trading.
The three-in-one trading account combines a savings account, a demat account, and a trading account into a single integrated solution. In this case, the clients would have their funds in their bank account, earning interest on the cash balances.
The direction came after the Sebi board approved a proposal in this regard in its board meeting in late September.
«In addition to the current mode of trading, the Qualified Stock Brokers shall provide either the facility of trading supported by the blocked amount in the secondary market (cash segment), using UPI block mechanism or the 3-in-1 Trading Account facility, to their clients,» Sebi said in a circular.
Clients of the QSBs will have the option to either continue with the existing facility of trading by transferring funds to a trading member or opt for either of these facilities.
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