IPO BY BLOCKED AMOUNT AND LIST THE BANK WHICH CAN ACCEPT APPLICATION ASBA
66APPLICATION SUPPORTED BY BLOCKED AMOUNT
Sebi introduces a new option for paying the IPO(initial public offer) amount as application supported by blocked amount.
WHAT IS ASBA:-ASBA means application supported by blocked amount means the investor needn't to pay the application amount on time of puching the application. Instead he/she can blocked this amount in their banks and while the time of allotment, the bank will debit the amount of which the shares are alloted to the investor and the remaining amount will be unblocked immediately.
What is the need:The process of IPO here in India is too lenghty. It takes around 21-24 days to list the shares from the last date of offer. SEBI wants to minimize it to 5 days, but the main problem was the clearing process which alone takes 5-7 days so it was neccessary to introduce to minimize the ipo process.
WHO CAN USE IT:-Only retail investor who are applying the application at cut-off.
IS IT NECCESSARY:- NO, it's only optional now and only called second method. The first method applying with full amount cheque is still existing. But it will be end very soon.
HOW TO APPLY:- There are some self certified syndicates banks to which only investor can submit their application form. You need to have your account in one of the syndicates bank for applying the ipo as ASBA.
LIST OF SELF CERTIFIED SYNDICATES BANK:-There are 10 banks as self certified syndicates bank as of now. SEBI will increases their number very much high soon.
list is there:-
(i) State Bank of India
(ii) ICICI Bank
(iii) Corporation Bank
(iv) HDFC Bank
(v) Union Bank of India
(Vi) Axis Bank
(Vii) IDBI Bank
(Viii) Kotak Mahindra Bank
(ix) State Bank of Bikaner & Jaipur
(x) Bank of Baroda
Thanks
NITIN
Sl. No.
| Name of the bank
|
|---|---|
1
| Axis Bank Ltd
|
2
| State Bank of Hyderabad
|
3
| Corporation Bank
|
4
| State Bank of Travancore
|
5
| IDBI Bank Ltd.
|
6
| State Bank of Bikaner and Jaipur
|
7
| YES Bank Ltd.
|
8
| Punjab National Bank
|
9
| Deutsche Bank
|
10
| Union Bank of India
|
11
| HDFC Bank Ltd.
|
12
| Bank of Baroda
|
13
| ICICI Bank Ltd.
|
14
| Vijaya Bank
|
15
| State Bank of India
|
16
| Bank of Maharashtra
|
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