Mumbai, June 11, 2025 (ANI): As SEBI today launched a new tool to verify the authenticity of UPI addresses, Securities and Exchange Board of India Chairman Tuhin Kanta Pandey on June 11 said that this the new tool ("SEBI check" tool) would be implemented from October 1st and would be very handy. “There is a lot of public concern regarding cyber fraud. We have to find systemic solutions to it. We have 130 million unique investors now, and we need a system in the securities market where they invest through a system where they know they are investing at the right place,” said Tuhin Kanta Pandey. “We are introducing a system within the UPI system to check whether or not a UPI address is genuine, like that of a bank, broker, etc. This would be very handy. It will be implemented from 1st October,” he added.
00:00There's a lot of concern, public concern. We read also that many people are becoming prey to fraud, cyber frauds, in which a lot of cloning of apps happen.
00:12You know, the people are taken to some similar-looking apps of the brokers or through WhatsApp, and the people then are able to invest in that money,
00:22thinking that they are actually investing with the registered brokers, but they are actually not.
00:27They are being just taken to this, and a huge amount of money many of the people have lost.
00:34And these complaints do also come to us, where basically it's a police action, the cybercrime, and then it goes through the cyber helpline, you know, 1930,
00:47and it has to go through that action, but the money is transmitted very, very fast from one bank account to another.
00:55The people are really losing. We have to find out some systemic solutions to it, because we have, as you know that,
01:04we have 130 million unique investors now, and a lot of new investors are coming, and we needed a system where,
01:14at least on the securities market, the people are investing. We are bringing in a valid, a new UPI, within the UPI system,
01:25system, and we have seen how it will help in knowing for you to know, and you can check up on any bank account,
01:35whether it is a bank account of a registered inventory, either broker or mutual fund, you should be able to check it.
01:43So this would be very handy, and going forward, as we roll, see, it will be implemented from 1st of October.
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