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Brokerages weigh new charges, mandates as UPI MDR set to take effect | Stock Market News
GENERAL
2 Oct 2026

Brokerages weigh new charges, mandates as UPI MDR set to take effect | Stock Market News

From 15 October, a merchant discount rate of 0.02% applies to UPI payments for capital-market transactions, capped at ₹300 each. Brokerages bear this cost even when no trade happens. NPCI says customers shouldn't be charged, but brokers may add mandate-based payments, new fees, or trim free services. One top brokerage expects a ₹5 crore to ₹6 crore monthly revenue hit.

Key Statutory Highlights

  • The MDR framework starts on 15 October and adds a 0.02% charge on UPI transactions for capital-market payments, capped at ₹300 per transaction.
  • NPCI has said UPI charges should not be passed on to consumers, but brokerages are still looking for ways to protect their margins.
  • Brokerages may use mandate-based payments, where quarterly maintenance costs around ₹3.25, instead of paying MDR on every UPI transfer.
Actionable Advice for Taxpayers / Founders:Before 15 October, check your brokerage's latest fee schedule and ask whether any new UPI, mandate, or transaction charges will apply to your trading account.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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