Calibrated UPI fee protects India's retail investing, brokerages, HDFC Securities says

Motilal Oswal Financial Services

16/09/2026 08:08

** India's decision to impose MDR on select UPI transactions protects retail access to markets and should ease brokerage concerns, HDFC Securities says
** Systematic investment plans routed through UPI autopay remain outside the MDR framework, while one-time transfers incur only a few rupees in charges, capped at 300 rupees, says HDFC Securities Managing Director and CEO Dhiraj Relli 
** Approach shows government seeks a durable UPI funding model without making investing unaffordable for ordinary Indians, Relli says 
** Brokerages fall, with Angel One ANGO.NS, Motilal Oswal MOFS.NS, Geojit Financial GEOJ.NS, SMC Global SMCG.NS and Choice International CFSL.NS down 0.3% to 1.6% 
** Groww BILO.NS drops 4% after 105 million shares change hands at a discount across 10 block deals, despite positive policy read-through 
** Paytm PAYT.NS gains 1.4%, while Yes Bank YESB.NS, Axis AXBK.NS, Bank of Baroda BOB.NS and PNB PNBK.NS rise 1% to 2%, lifting the bank index .NSEBANK 0.7% higher, exchange data shows

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))