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NSE CEO Ashish Chauhan: No Govt Talks on UPI MDR, Brokers and Clients Must Resolve Issue
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Moneycontrol•26-09-2026, 18:58
NSE CEO Ashish Chauhan: No Govt Talks on UPI MDR, Brokers and Clients Must Resolve Issue
- •NSE MD & CEO Ashish Chauhan stated there have been no government discussions regarding the new Merchant Discount Rate (MDR) on UPI payments.
- •Chauhan clarified that the new MDR framework for UPI transactions is an issue between brokers and their clients, expecting them to find a resolution.
- •The National Payments Corporation of India (NPCI) introduced a 0.02% MDR, capped at Rs 300 per transaction, for capital-market transactions, effective October 15.
- •The broader UPI framework includes a 0.4% MDR on specified person-to-merchant transactions above Rs 2,000, while most other UPI payments remain free.
- •Chauhan's comments followed NSE's stock market debut on September 24, where shares listed on the BSE at Rs 1,800 against an IPO price of Rs 1,785.
Key Questions Answered
Under the new framework introduced by the NPCI, capital-market transactions involving stockbrokers, securities, and mutual funds will attract a Merchant Discount Rate of 0.02 per cent, which is capped at Rs 300 per transaction.
The new MDR charges for specified transactions are set to take effect from October 15.
NSE CEO Ashish Chauhan stated that there have been no discussions with the government regarding the new UPI MDR framework, adding that it is a decision by the NPCI and an issue that brokers and clients will likely resolve on their own.
