Kya hua
NPCI ne ₹2,000 se upar P2M transfers par 0.4% aur capital-market transactions par 0.02% MDR announce ki, 15 October 2026 se lagegi.
SEBI Chairperson Tuhin Kanta Pandey ne NaBFID conclave me kaha ki regulators brokers aur AMCs ke UPI MDR concerns examine karenge — framework 15 October 2026 se lagega.
Brokers kehti hai ki ye charge unke liye burden hai kyunki UPI pe paise transfer hote hain lekin trade nahi banta. Zerodha ke Nithin Kamath ne ₹5-10 ka lower cap suggest kiya broking payments ke liye.
SEBI ke quarterly settlement rules aur bhi takleef badhate hain — brokers ko unused client funds monthly ya quarterly wapas bhejne hote hain, aur 50% se zyada wapas UPI se aate hain.
Timeline
- 12 September 2026 — SEBI chairman Pandey ne NaBFID Conclave, Mumbai par comment kiya.
- 15 September 2026 — NPCI ne UPI MDR framework announce kiya.
- 15 October 2026 — Nayi MDR framework lagegi.
Kyun matter karta hai
Brokers ko unke paise par recurring crore-scale costs lagti hain kyunki UPI fund flows me trade nahi bhoti, aur SEBI ke quarterly settlement rules aur bhi takleef badhate hain.
Money
Brokerage Traders
Nayi UPI MDR se brokers ko unke paise par recurring costs lagti hain jin pe trade nahi banta.
Work
Finance Professionals
SEBI ke quarterly settlement rules aur MDR ki kasanse brokers ko client fund reversals par absorb karni padti hain.
Daily Life
Retail Investors
Recurring UPI mandates jaise mutual fund SIPs MDR se excluded hain, jo retail investors ko protect karta hai.
Seedhi baat
SEBI industry concerns sunne wala hai — ₹5-10 cap propose vs ₹300, SIPs excluded, 50%+ reversals UPI se.
SEBI UPI MDR concerns sunne wala hai: 0.4% P2M rate, 0.02% capital-market rate, Zerodha ne ₹5-10 cap propose.
Verified sources (8)
SEBI to hear broker and AMC concerns on MDR
↗SEBI to examine stockbrokers' concerns over new UPI MDR
↗SEBI to look into broker, AMC concerns over UPI MDR: Tuhin Kanta Pandey
↗SEBI to examine brokers' concerns over UPI merchant charges
↗SEBI to hear brokers' concerns over UPI MDR charges and trading account transfers
↗SEBI to look into concerns over new UPI charges: Tuhin Kanta Pandey
↗SEBI may review brokers' concerns over MDR on large UPI fund transfers
↗SEBI to look into stockbrokers' concerns over UPI MDR framework: Chairman
↗Claims and linked sources
12 claimsSEBI, brokers aur AMCs ke UPI MDR se juda concerns sunne wala hai.
SEBI chairman Tuhin Kanta Pandey ne kaha ki unhe uthaye gaye issues par dhyan dena hoga aur unhe ease karna hoga — NaBFID Infrastructure Conclave 2026, Mumbai, 12 September 2026.
NPCI ne ₹2,000 se upar ke person-to-merchant UPI transfers par 0.4% MDR announce kiya, ₹75,000 se upar ₹300 cap, 15 October 2026 se.
Capital-market transactions (brokers, securities, dealers, mutual funds, advisors) par 0.02% MDR hai, per transaction ₹300 cap.
Recurring UPI mandates, jaise mutual fund SIPs, MDR charge se excluded hain.
Brokers ne concern raise kiya hai ki MDR unke costs disproportionate tarike se badha sakta hai kyunki UPI fund transfer zaroori nahi ki trade bane ya brokerage revenue aaye.
Zerodha founder Nithin Kamath ne broking-related UPI payments ke liye ₹5-10 ka lower per-transaction cap suggest kiya hai, ₹300 ki jagah.
SEBI ke quarterly settlement rules brokers se monthly/quarterly unused client funds wapas bhejne ke liye bolte hain; wapas broking accounts me aane wale 50% se zyada transfers UPI se hote hain, jo MDR cost badha deta hai.
BCB Brokerage ke MD Uttam Bagri ka khabar hai ki MDR ke liye brokers ko merchant treat karna galat hai — brokers pass-through entities hain, client funds clearing corporations ki taraf margins/settlement ke liye flow karte hain.
BSE Brokers' Forum ne bhi yeh MDR matter SEBI ke saamne raise kiya hai.
Kamath ne ek example diya — 10,000 customers agar ₹2 lakh ke 50 UPI transfers karke trade na karein to proposed MDR framework ke under broker ko lagbhag ₹2 crore ka kharcha ho sakta hai.
Kai brokers ne highlight kiya ki naya charge crore-ke recurring operating cost ban sakta hai bina broker ko koi trade ya revenue diye.