The regulator said payment aggregators should directly credit the amount collected from the bank account of the investor only into an approved account, as per the instructions from the investor.
It also said payment aggregators should not act on instructions of the online platforms to alter the list of approved accounts and in no case, should the amounts be credited to the bank accounts of the online platforms.
Stock exchanges should ensure that payment aggregators must put in place adequate checks and balances so that the approved account is that of a clearing corporation, Sebi said.
The regulator said asset management companies would be liable to the unitholders in case of misuse of funds by payment aggregators or online platforms with respect to mandates covering mutual fund transactions.
