Notice No20240403-38Notice Date03 Apr 2024
SubjectMode Of Settlement The Request For Quote (RFQ) Platform : Technical Details


All Members/Participants,

SEBI has issued circular on the subject “Mode Of Settlement The Request For Quote (RFQ) Platform”, carrying circular no SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/9 dated January 09, 2023. In continuation to the same, ICCL has issued circular 20240219-45 on 19th February 2024 giving details of availability of UPI payment link for RFQ deals.

ICCL has on-boarded ‘Phi Commerce Private Limited’ to provide services of payment via UPI mechanism. Following are the PRODUCTION URLs for members to:


Token generation: -

Send Payment link: -



Further, please find attached herewith the following documents for your ready reference.


Annexure A: PayPhiPayment_UAT_DataFlow

Annexure B: Technical Specification To Send Payment Link To OBPP v1.4


Facility to make payment via UPI mechanism will be made available to members with following specification:

-          Phi Commerce Private Limited shall provide the services in consideration of the below Phi Commerce Fees:

Sr. No.




Internet Banking: ICICI /Axis / HDFC

Rs. 12/- per trxn


Internet Banking (Other Banks)

Rs. 9/- per trxn


UPI Platform Fee









-         All the above charges are exclusive of taxes.

-         Further, members are requested to note that, payment via UPI mechanism settles on T+1 day.

-        And therefore, for deals settling on T+1 day, funds payment via UPI mechanism mandatorily needs to be issued on T+0 day.


ICCL will settle RFQ deals only after receipt of clear balance in ICCL’s bank account.

Members are requested to take note of the contents of the circular and comply.

For and on behalf of the Indian Clearing Corporation Limited.

Akshat Chaturvedi                                                                        Mrunal Amberkar                                                                                                                                                                          
General Manager                                                                          Senior Manager

Operations                                                                                     Operations