SEBI Validated UPI (@valid) for Research Analysts and Investment AdvisersSEBI requires every registered research analyst and investment adviser to obtain a validated UPI ID ending in @valid, such as name.ra@validhdfc, and offer it to clients. Investors can check the ID with SEBI Check before paying. Here is how the handle works and how to get one.  Last updated: 29 October 2026 A SEBI validated UPI handle is a UPI ID that only a SEBI-registered intermediary can hold, in the format username.ra@validbank for research analysts and username.ia@validbank for investment advisers. SEBI's circular of 11 June 2025 requires RAs and IAs to obtain one and offer it as a payment option, so clients can confirm they are paying a registered entity before money leaves their account. It sits alongside the rest of your billing and payment setup for research analysts. This guide covers the format, who it applies to, how to get a handle, how investors check it, and SEBI's August 2026 clarification on collection accounts. Rules change, so check the current SEBI circulars before acting; this guide is not legal advice. What is a SEBI validated UPI handle?SEBI's circular "Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors" (11 June 2025) created a reserved UPI handle for registered intermediaries. A standard formatThe ID is built as username, then a category suffix, then @valid and the bank's name, for example xyz.ra@validhdfc for an RA or abc.ia@validicici for an IA. Exclusive to registered entitiesOnly intermediaries registered with SEBI can get an @valid handle, and the username is generated from the registered business name or trademark. A visible checkWhen an investor pays to an @valid ID, a white thumbs-up inside a green triangle appears on the payment confirmation screen. The same icon sits at the centre of the intermediary's QR code. Does it apply to research analysts and investment advisers?Yes, from the start. Annexure B of the circular lists the category suffixes, including ra for Research Analysts and ia for Investment Advisers, alongside brokers, depository participants, mutual funds and others. If you hold both registrations, each category needs its own handle; see RA and IA dual registration. Is the @valid handle mandatory?Handles became available to investors from 1 October 2025, when SEBI announced the system was live. Cash is never allowed for RA or IA fees; see research analyst fee limits and payment rules. How do you get a validated UPI handle?
Make sure the name on your SEBI registration matches your bank records before you start, since mismatches hold up approval. Which banks issue @valid handles?Only self-certified syndicate banks (SCSBs) can issue them. The circular's Annexure C listed 52 banks, including SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, Punjab National Bank, Bank of Baroda and Canara Bank, as well as some co-operative banks. SEBI keeps the current list of SCSBs on its website. What is SEBI Check?SEBI Check is SEBI's tool for investors to verify payment details before they pay. It is available on SEBI's intermediary portal and in the Saarthi app. Scan or typeInvestors scan your QR code or type your UPI ID to see whether it belongs to a registered intermediary. Bank transfers tooInvestors can also check a bank account number with its IFSC, so the check covers NEFT, RTGS and IMPS payments as well as UPI. Point new clients to SEBI Check in your onboarding emails and on your payment page. It builds trust, and it fits the same message as how investors verify a SEBI research analyst. What changed in August 2026?SEBI issued further FAQs in August 2026, reproduced by stock exchanges in their circulars to members. As relayed, they say every account that collects money from investors should be linked to its own @valid ID so it can be verified on SEBI Check, and they name research analyst and investment adviser fee collection accounts. Additional IDs can be kept switched off for inward UPI payments, and existing payment modes can continue. After the compliance date, money from individual investors should go only into accounts that can be verified on SEBI Check. The FAQs set separate compliance dates for different categories of intermediary. Check the SEBI original for the date that applies to RAs and IAs, and review every account your clients pay into, including any you collect through a payment gateway, with your compliance adviser. How does CeFCoM fit in?The Centralised Fee Collection Mechanism (CeFCoM), set up by SEBI's circular of 13 September 2024 and run by BSE, is an optional way for RAs and IAs to collect fees. It is separate from the @valid handle, and the circulars don't spell out how the two interact, so ask BSE or your compliance adviser if you use both. Where should you show your @valid handle?Your websiteAdd the handle and QR code to the payment details section; see research analyst website requirements. Onboarding and invoicesInclude it in onboarding emails and payment instructions, with a line inviting clients to verify it on SEBI Check. Your MITC and termsYour MITC already covers permitted payment modes; keep the handle consistent with it. See the MITC guide for research analysts. Keep payments and records in one placeFinuro runs subscriptions, renewals and GST invoices through your payment gateway (Razorpay, Cashfree or HDFC), with every payment recorded against the client. See subscription billing for research analysts for how plans and payments work, and review your payment setup against the current SEBI rules with your compliance adviser. Related Finuro features
Frequently asked questionsAnswers to common questions on this topic. Built for SEBI RAs and IAs Run billing for your research servicePlans, renewals, GST invoices and payment records for SEBI RAs and IAs in one platform.  |
Book a Demo
See how Finuro handles onboarding, recommendations, model portfolios, and billing for your advisory firm. Tell us a little about your practice and we'll walk you through the platform on a live call.