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ASBA provides an alternative mode of payment in issues whereby the application money remains in the investor's account till finalization of basis of allotment in the issue.
ASBA process facilitates investors bidding with multiple options, to apply through Self Certified Syndicate Banks (SCSBs), in which the investors have bank accounts. SCSBs are those banks which satisfy the conditions laid by SEBI. SCSBs would accept the applications, verify the application, block the fund to the extent of bid payment amount, upload the details in the web based bidding system of BSE/NSE, unblock once basis of allotment is finalized and transfer the amount for allotted shares, to the issuer.
As per sebi circular no CIR/CFD/POLICY CELL/11/2015 dated November 10, 2015. All shall mandatorily use only Application Supported by Blocked Amount (ASBA) facility for all issues opening from 01 January, 2016 onwards.
Let your money stay in your account
Don’t worry about refund as the money remains in your account, and funds do not get transferred. The above service is being made available in accordance with the SEBI guidelines on ASBA (Applications Supported by Blocked Amount)
Get interest on funds
Which otherwise would have moved out of your account
Make payments without cheques or demand drafts
Write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment
Manage your funds easily
Convenient and transparent management of funds
Unblock funds instantly
Instant release/unblocking of funds after allotment/non-allotment of shares
An investor can apply in IPO if he/she fulfils the following criteria
You can place a withdrawal request for the whole application or one of three bids anytime during the bidding period. Any request for bid withdrawal should be made during the banking hours and on or before 2 pm of the issue closure date and will be subject to acceptance of Stock Exchange after which the application amount in your account will be unblocked. Once withdrawn, the blocked amount will be available in 1 working day.
In case you have applied through any of our designated branches then, for revision/withdrawal of bids during the issue period, fill up a bid revision form and submit to the collecting branch for revising/withdrawing bids.
Only if the highest revised amount exceeds the previous lien marked amount, should extra lien be marked or else the lien amount remains unchanged even in case of single bid withdrawal.
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