Mumbai (Maharashtra) [India], September 17 : Capital markets regulator SEBI will examine operational concerns flagged by stockbrokers and Asset Management Companies (AMCs) regarding the newly introduced Merchant Discount Rate (MDR) rules for UPI transactions, Chairman Tuhin Kanta Pandey said on Thursday.
Speaking to the media on the sidelines of National Bank for Financing, Infrastructure and Development's (NaBFID) Infrastructure Conclave 2026 in Mumbai, Pandey acknowledged industry anxieties over fund refund mandates. "I think there are some important issues there. We will certainly look into it and see how we can ease them," Pandey said.  
Addressing speculation around the long-awaited initial public offering (IPO) of the National Stock Exchange (NSE) and whether the exchange has sought permission to list or trade on its own platform, the SEBI chief clarified that no such proposal is currently on the table.  
"No, there is no such letter and there is no such requirement. Currently, I think it can't be permitted because it's too early to say on that," Pandey stated, dismissing reports of any immediate clearance or formal correspondence from the exchange.  
On the progress of the regulator's corporate bond tokenization initiative, Pandey revealed that early rollouts are underway and will expand in phases.  
"I think it was only last week that the pilot began. We have, in that itself, indicated there will be a Phase 2 when we will have developed the capabilities for secondary market trading," he said.
Highlighting concerns over retail investor participation in the high-risk Futures and Options (F&O) segment, Pandey pointed to recent research findings on persistent trading losses.  
"In that, all the things are very clear and this time, we have also given research findings on trading behaviour. Even after 3–4 years of trading, there are many people in continued losses," Pandey remarked.  
He emphasised that individual traders must evaluate their risk appetite before entering derivatives. "So, it is a matter of understanding for the general media and general public. If they are not ready for that market, then should they go for that market or not? Because they are continuously getting losses. So, would they want to stay in that market where they do not get any profit even if they come again and again?" he added.  
Commenting on recent data showing a contraction in total retail F&O losses from Rs. 1,12,000 crore to Rs. 90,000 crore, the SEBI Chairman attributed the decline to timely regulatory interventions. "So, we have also taken regulatory measures," he noted, reaffirming SEBI's focus on tightening safeguards and curbing unbridled speculation.