Market Sebi proposes alternative payment mechanism for retail investors in IPO Updated : July 26, 2018 07:07 AM IST Markets regulator Sebi on Wednesday proposed introducing Unified Payments Interface (UPI) as an alternative payment option for retail investors buying shares in an initial public offer. The new mechanism would increase the efficiency of the existing system and curtail the need for manual intervention, the Securities and Exchange Board of India (Sebi) said. UPI is an instant payment system developed by the National Payments Corporation of India (NPCI). Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.