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The Bridge > Blog > Editorial > Is IPO Money Refundable?
Editorial

Is IPO Money Refundable?

Last updated: 2022/07/28 at 8:52 AM
Umang Sagar Published July 28, 2022 Editorial 31 Views
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The answer to the above question is YES.

In 2021, SEBI mandated the ASBA (Application Supported by Blocked Amount) facility for all public issues for all categories of investors. Currently, more than 99.5% of banks provide ASBA facilities through online or offline mode. Considering the benefits ASBA offers, SEBI has now made this a compulsory route for IPO applications. ASBA allows investors to authorize their banks to block the application amount without waiving interest on the lien amount for the intervening period. Once the allotment is done by the issuer, either the full amount will initiate in case of non-receipt of any subscriptions or it will debit the application amount for the partial allotment. As per current SEBI guidelines, the refund should be initiated within four days of partial or non-receipt of allotment of shares. However, SCSB (Self Certified Syndicate Bank) takes a maximum of 15 days’ time to unblock the application amount. By the mandate end date, the bank should automatically release the blocked funds. Post 12 days of the allotment if the blocked amount is not released, one must contact their bank or communicate to NPCI.

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Post the expiry of the mandate end date, if the application amount is not put back in the account in spite of communication with the bank, the issue still remains unresolved. In such cases, one must communicate the issue to the Registrar of the IPO (The registrar is actually responsible for processing IPO applications, allocation of shares, and refund processing). There is no role of merchant bankers or brokers to process the refund hence the right authority to contact is the Registrar of the IPO.

In casein has not received the refund as per the stated timelines, one must follow the steps given below:

  1. One can visit the Registrar’s local office but it’s not possible until the residence is in the same city.

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  2. The best way to contact them is by dropping a formal mail on the email address specified on the IPO prospectus with the details of your issue to verify the details. Email must contain the subject of the mail, company name, application number, applicant name, no. of shares applied, applied amount, bank id, DP ID, and Depository client ID.

  3. If one fails to solve the issue from the Registrar of the IPO, then the last resort left is SEBI, one must lodge a complaint on SEBI Score Portal.

IPO (Initial Public Offer)- 13angle.com

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Umang Sagar July 28, 2022 July 28, 2022
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