NPCI said that the ‘beta phase’ of the service will initially be available to a limited set of users and will cater to the equity cash segment
NPCI has partnered with clearing corporations, stock exchanges, depositories, stockbrokers, banks, Groww, among others to roll out the pilot service.
Under the trial run, investors can block funds in their bank accounts which will only be debited upon the confirmation of the trade by the Clearing Corporations
The National Payments Corporation of India (NPCI) is set to kick off an Application Supported by Blocked Amount (ASBA)-like facility in the secondary market from January 1.
The Unified Payments Interface (UPI) for the secondary market will start its beta phase next week for the equity cash segment. It will be supported by key stakeholders, including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers.