UPI system payments glitch: Sebi knocks on RBI-regulated NPCI's door

Several investors were irked for failing to get allotment in the hugely successful IRCTC issue

The Securities and Exchange Board of India (Sebi) has come across lacunae in its newly introduced payment mechanism for retail investors applying in public issues and it is in talks with the Reserve Bank of India (RBI)-regulated National Payment Corporation (NPCI), seeking to resolve the matter. 

According to Sebi sources, the market regulator has received hundreds of complaints from investors who failed to participate in the recent share sales by Indian Railway Catering and Tourism Corporation (IRCTC) and Affle India. “It is more of a conceptual than a technical issue and registered banks are required to take steps for the