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The applicability of UPI as a payment mechanism has been prescribed in a Phased manner as under:
From January 01, 2019, the UPI mechanism for retail individual investors through intermediaries will be made effective along with the existing process and existing timeline of T+6 days. The same will continue, for a period of 3 months or floating of 5 mainboard public issues, whichever is later.
Thereafter, for applications by retail individual investors through intermediaries, the existing process of physical movement of forms from intermediaries to Self-Certified Syndicate Banks (SCSBs) for blocking of funds will be discontinued and only the UPI mechanism with existing timeline of T+6 days will continue, for a period of 3 months or floating of 5 mainboard public issues, whichever is later.
Going forward, the listing time of IPO shares will be reduced to 3 working days from the issue close date using the UPI mechanism.
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Zerodha Trade@20
