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SEBI streamlines the payment process through UPI for IPO allotment
April 21, 2022
Capital markets regulator Sebi on Wednesday streamlined the payment of processing fees through the Unified Payments Interface (UPI) system for shares applied for and allotted during an initial public offer (IPO).
Likewise, the regulator has devised a new reporting format for capturing the data of all ASBA (Application Supported by Block Amount) applications unblocked by Self Certified Syndicate Banks (SCSBs) and their corresponding date of actual unblock.
The new organization has been set up subsequent to inspecting the exhibition of SCSBs on convenient unblocking of use sums and input got from market delegates, Sebi said in around.
To claim the processing fee, SCSBs should make an application to the merchant bankers with a copy to the Registrar of the Issue in the prescribed format.
This is subject to certain conditions, including the application being made no later than 30 days from the finalization of the basis of allotment by Registrar to the Issue.
Further, SCSBs should make the application only after unblocking of application amount and paying the applicable compensation relating to investor complaints.
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