Given the prevailing uncertainty due to the COVID-19 pandemic and the nation-wide lockdown, it has been represented by various stakeholders to the Securities and Exchange Board of India (SEBI) that the timelines of Phase II of Unified Payments Interface with Application Supported by Blocked Amount (UPI ASBA), which was originally only until March 31, 2020, as mentioned by SEBI in its circular dated November 8, 2019, (circular no. SEBI/HO/CFD/DCR2/CIR/P/2019/133) may be continued at present.
It has been stated by the stakeholders that the systems and processes for achieving Phase III timelines of T+3 need to be further deliberated and finalized in light of the experience gained during one of the major IPOs that opened and closed in the first week of March 2020.
Therefore, taking into account the representations made by the stakeholders and challenges that may be faced by them due prevailing COVID-19 pandemic, SEBI, vide its circular dated March 30, 2020, (circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50) has decided to continue with the current Phase II of the UPI ASBA until further notice. The modalities for the implementation of the Phase III of the UPI ASBA shall be notified later after deliberations with stakeholders.
Please refer to the SEBI circular dated March 30, 2020, (circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50) for more details.