Continuation of Phase II of Unified Payments Interface with Application Supported by Block Amount due to Covid-19 virus pandemic
Summary
SEBI extends the implementation timeline for Phase II of Unified Payments Interface with Application Supported by Blocked Amount (UPI ASBA) due to the Covid-19 pandemic. The decision follows representations from stakeholders regarding operational uncertainties and the need for further deliberation on Phase III timelines. This extension remains in effect until further notice, with specific modalities for Phase III to be notified later.
Text
Vide SEBI Circular SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 08, 2019, the timeline for implementation of Phase II of Unified Payments Interface with Application Supported by Blocked Amount was extended till March 31, 2020.
In view of the aforesaid representations and also taking into account that introducing any new changes under the prevailing circumstances where staff at the stakeholders are sparsely populated may not be workable, it has been decided to continue with the current Phase II of the UPI ASBA till further notice.
The modalities for the implementation of the Phase III of the UPI ASBA shall be notified later after deliberations with stakeholders.
This circular is being issued in exercise of the powers under section 11 read with section 11A of the Securities and Exchange Board of India Act, 1992.
Source: SecMarx — Continuation of Phase II of Unified Payments Interface with Application Supported by Block Amount due to Covid-19 virus pandemic. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.