Application Supported by Blocked Amount (ASBA) was introduced by the Securities and Exchange Board of India (SEBI) on 1st September 2008. It aimed to simplify the IPO application process for investors. Before this system, investors had to wait for a long time (Up to 45 days) to get their refunds in the cheque refund system.
In an ASBA IPO application, the bidding amount remains blocked in your account. If shares are allocated against your PAN number, the payment will be deducted once you receive the shares. Otherwise, it will be unblocked and you can even earn interest on this block amount. Nowadays, applicants do not need to wait for long to get refunds.
In most cases, the amount is unlocked before the listing date and you can use your funds for other uses.
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ASBA IPO Form
You can get an ASBA IPO form through both online and offline channels. However, the online form is the easiest and most convenient way for investors.
Online Method:
There are several ways to download an ASBA form online. You can get it from your bank’s net banking or mobile banking platforms. However, it is best to download it from the websites of stock exchanges (NSE and BSE). You have to follow these steps to download your form through the NSE and BSE’s websites:
- NSE Website:
To download it from NSE, you have to visit the NSE ASBA e-forms page-> Click on your preferred IPO and download either the Bid-cum Application Form or Blank Application Form. Then, select Bid Form Type, Investor Status, and number of forms-> Enter the given CAPTCHA code-> Accept terms and conditions-> Press download.
- BSE Website:
You can download an ASBA IPO form by visiting BSE’s ASBA IPO Application page. You have to select the symbol, repatriation type, category type, no of forms and enter the given CAPTCHA code. After that, click on ‘download application form’.
Offline Method:
To get an ASBA form, you have to visit your local bank branch and ask the representative for the ASBA form. Fill it up and submit it to the counter.
Additional Read: IPO Investors
ASBA IPO Timing
ASBA IPO timings refer to the cut-off time on the last day of bidding. IPO cut-off time can be a maximum of up to 5 p.m. on the last bidding date. However, this time can vary between different banks. These are the cut-off times of some popular banks in India:
| Bank Name | Cut-off Time |
| Axis Bank | 3 p.m. |
| SBI Bank | 2 p.m. |
| Punjab National Bank | 2 p.m. |
| ICICI Bank | 3 p.m. |
| Yes Bank | 3 p.m. |
| Kotak Mahindra Bank | 2 p.m. |
| Bank of Baroda | 3 p.m. |
| IndusInd Bank | 2 p.m. |
| Dena Bank | 3 p.m. |
ASBA IPO Status
Checking an ASBA IPO allocation status through a registrar’s website is the easiest way for investors. You can use your IPO application number, PAN card number, and DP client ID or demat account number to check allocation.
These are some most popular registrars in India for public offerings:
- Link Intime India Pvt Ltd
- Cameo Corporate Services Ltd
- KFin Technologies Private Ltd
- Skyline Financial Services Pvt Ltd
You can check the registrar’s name from the offer document filed with SEBI.
ASBA IPO Process
This is the process of an online ASBA application:
Step 1: You have to sign in to your bank’s mobile banking or net banking page
Step 2: Go to the IPO section-> choose an IPO-> Fill up the quantity, amount and category. Then, submit your IPO application
Step 3: Check the details like PAN card details, name, demat account number, etc., to avoid mistakes
Step 4: Your bank will block the particular amount and you will receive your application number if your application is successful
Step 5: When the IPO biddings are closed, the registrar will prepare a BoA (Basis of Allotment) and you will be able to check the same from their website
Step 6: If shares are allotted to you, you will receive shares in the demat account and your bank will debit the blocked amount. If your application is rejected due to wrong information or non-allotment, your funds will be unblocked
Banks Offering ASBA IPO
ASBA IPO application facility is available in most of the major banks in India. The list includes–
- Axis Bank
- ICICI Bank
- State Bank of India
- IDBI Bank
- HSBC and others
3rd Party IPO Application
Starting from May 2022, 3rd party IPO Applications are no longer allowed. Now, the PAN number of an IPO application and the bank account must be the same. Otherwise, your IPO application will be rejected.
In 3rd party applications, investors were allowed to apply for different persons using a single bank account.
Benefits of ASBA
These are some most unique benefits of the ASBA IPO facility:
- It is a paperless application facility which helps you save time.
- An issuer cannot use blocked funds under the ASBA facility.
- You can earn interest on the bidding amount even if it is blocked.
- The refund process is faster and more transparent.
- Your bank considers your bidding amount while calculating the quarterly average balance.
To sum up, ASBA is a safer and more transparent application option for retail and smaller investors. It ensures that investors are not inconvenienced if they have applied for an IPO. Before 2016, ASBA for IPOs was not mandatory. But, now all issuers need to provide ASBA facilities for investors.
Frequently Asked Questions:
If you want to cancel your IPO application before the bidding date, you can cancel it. When the bidding date is over, you cannot cancel it. However, SEBI does not allow non-retail investors and non-institutional investors to cancel their applications at any time.
Using the ASBA facility, you can make applications in any IPO with your bank account.
ASBA IPO is the easiest and most transparent for investors. However, no one or no trick can make sure you get an IPO allotment especially when it is over-subscribed.
