Sebi to consider brokers' concerns around MDR as UPI costs loom
Mint 1 hr ago·17 Sept 2026, 6:59 am
SEBI will review brokers' concerns about the merchant discount rate (MDR) after the National Payments Council of India introduced a charge on UPI payments that exceed a set threshold. The regulator’s chairman said the issue is now on the agenda.
The development matters because many brokerage firms recoup part of their operating costs through the MDR on UPI transfers used for funding accounts. A higher charge could tighten margins, prompting brokers to adjust fee structures or settlement processes, which may affect the cost of trading for retail investors.
Investors should watch for SEBI’s final guidance on MDR, any further changes to the NPCI fee schedule, and how brokers communicate potential fee adjustments. Monitoring transaction volumes and any shifts in brokerage pricing will also be important in the coming weeks.
Excerpt from Mint
Sebi chairman Tuhin Kanta Pandey's comments come after the National Payments Council of India (NPCI) on Tuesday introduced a charge on UPI payments above certain thresholds. The Securities and Exchange Board of India (Sebi) will look into concerns raised by stockbrokers over the merchant discount rate (MDR) on UPI…Read the original at Mint
Key takeaways
- Category: Economy.
- AI reads the tone as negative (potentially bearish) for the stock.
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