As We have started Our Learning Series on How to Apply ASBA through Bank Account and getting it credit to any DMAT Account. So Now in this post we are going to brief you on How To Apply ASBA Through IDBI Bank.
We are taking one bank by one and taking larger banks first who have more reach as this will be going to help each of you in applying and getting understanding benefits of ASBA in long run.
ASBA is a supplementary process for applying in public issues. ASBA facility can be use for Initial and Follow-on Public Offers (IPO and FPO), Rights Issues, and Debt Issues.
Under ASBA, funds will continue to earn interest during the application processing period, if held in an interest bearing account.
Bank will mark a lien on the deposit account of the investor to the extent of the application money.
The lien will be remov immediately after finalization of the basis of allotment. If bid is successful, the deposit account will be debited and the shares allotted will be transferred to the applicants Demat account.
An Investor can apply ASBA through IDBI Bank, provided he/she:
Is from any of the approved categories eligible to apply in IPO as per SEBI guidelines.
Maintain a Savings Bank or Current Account with IDBI Bank.
Has a Demat account with any of the DPs along with Permanent Account Number (PAN).
Has sufficient clear credit balance in his/her Savings Bank or Current account for application money. ASBA facility is not available on any type of overdraft or loan accounts.
How To Apply ASBA Through IDBI Bank ONLINE facility:
- Login to your IDBI Bank online account using your Login ID and Password.
- Then Click on REQUEST> Apply ASBA online > Select IPO > Apply Tab after Login to Internet Banking.
How To Apply ASBA Through IDBI Bank Offline facility:
- Visit the nearest designated IDBI Bank branch to apply for an IPO through ASBA. It is not essential to hold an account in the same branch, the account can be with any IDBI Bank branch.
- ASBA bid-cum application forms are available for download and printing, from websites of the Stock Exchanges which provide electronic interface for ASBA facility i.e. Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Please find below the links to apply for the same:
Click here to download the form through BSE
Click here to download the form through NSE
- IDBI Bank account number, PAN, Demat account particulars, etc. need to be fill in the ASBA application form of the IPO and submit to the branch.
- Subsequently, the bank will block the amount in the specified IDBI Bank account for the applied IPO and send the application information to the designated stock exchange for that IPO.
- The customer shall be responsible a) for maintaining sufficient funds equivalent to the IPO application amount in his/her account. b) for furnishing correct & accurate details in the ASBA application form of the IPO.
- In case of insufficient amount in the bank account or any discrepancy in the application form, the bank shall reject the IPO application and shall not be able to send the bid to the stock exchange.
- In case of any enquiry, the application/reference number, mentioned on the acknowledgement slip handed over at the time of the application, needs to be provided.
Hopefully the above all information will help all the investors to Apply ASBA through IDBI Bank. We will be writing more about this series and will tell you How to Apply ASBA online through other Banks also.
Dilip Buildcon Bank IPO Bidding has already close on August 3, 2016. Now Dilip Buildcon IPO Allotment & Listing will be in process. While S.P. Apparels IPO bidding also closed on August 4, 2016 and Now S.P. Apparels IPO Allotment & Listing will be in process.
RBL Bank IPO is in pipeline which can be declare in 1st half of August.
There are some good stocks in Pipeline this year including BSE itself coming with its own IPO. BSE will be selling its shares on index and traded on exchange.
So Keep watching this blog to keep yourself updated with all the news.
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