New Delhi, Sept. 24 -- Stockbrokers in India have made a representation to the Union government to express their concerns over a merchant discount rate being levied on Unified Payments Interface (UPI) transactions, Securities and Exchange Board of India (Sebi) chief Tuhin Kanta Pandey said at a press conference following the regulator's board meeting on Thursday.

The merchant discount rate (MDR)-a fee charged to merchants on digital payments and distributed among banks and payment service providers-will apply to certain UPI transitions from 15 October, the National Payments Corporation of India (NPCI) announced on 15 September.

Under the framework, person-to-merchant (P2M) UPI transactions above Rs.2,000 will incur a 0.4% fee. For trans...