Do I need a validated @valid UPI ID to collect fees from clients?
In force
Yes. Getting the UPI ID is mandatory for you. Using it is optional for the client — they can still pay you by cheque or bank transfer.
Your UPI ID has a fixed shape: your business name, then a full stop, then ra for Research Analyst, then @valid joined to your bank's name. So it looks like yourname.ra@validhdfc.
You do not type this yourself. The username is generated through the SEBI Intermediary Portal from your business name as it appears on your registration certificate, and the ra suffix is added automatically from your login. Only a self-certified syndicate bank on SEBI's list can issue the handle.
You can use an existing bank account. The circular says opening a new account is not necessary.
You must also generate a QR code carrying the thumbs-up-in-a-green-triangle mark, offer the UPI ID as one of your payment options, and tell clients it exists.
If you hold registration in more than one category, you apply for a separate handle for each.
The system went live on 1 October 2025. Old UPI IDs had to be retired, and the circular sets that deadline as 180 days from 11 June 2025.
There is no exemption for a small practice or for an analyst who rarely collects money over UPI. You must obtain at least one @valid ID for every account that receives client money.
What SEBI says, word for word
UPI Circular, ¶1.3“While the use of this structured UPI mechanism by investors shall remain optional, it is mandatory for intermediaries to obtain and make available this structured UPI address to their investors.”Source: SEBI Circular SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86, dated June 11, 2025 Open document ↗
UPI Circular, Annexure B“Research Analyst — ra”Source: SEBI Circular SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86, dated June 11, 2025 (Annexure B, Abbreviations for UPI Username Suffix, row 4) Open document ↗
UPI Circular, ¶2.1(ii)“To make it convenient for investors to identify, the UPI address of intermediaries shall use a unique and easily relatable handle "@valid", combined with the name of the self-certified syndicate banks as mentioned in Annexure C. These handles will be allocated by NPCI.”Source: SEBI Circular SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86, dated June 11, 2025 Open document ↗
UPI Circular, ¶3.2“Intermediaries will be able to use their existing bank accounts to obtain the UPI IDs from the syndicate banks and opening of new bank accounts is not necessary.”Source: SEBI Circular SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86, dated June 11, 2025 Open document ↗
Master Circular, ¶26“Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors — RAs are advised to refer circular no. SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86 dated June 11, 2025”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗