As We have started Our Learning Series on How to Apply ASBA through Bank Account and getting it credited to any DMAT Account. So Now in this post we are going to brief you on How To Apply ASBA Through Punjab National 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 used 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 removed immediately after finalization of the basis of allotment. If bid is successful, the deposit account will be debited and the allotted shares will be transferred to the applicants Demat account.
An Investor can apply ASBA through Punjab National Bank 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 Punjab National 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 Punjab National Bank ONLINE facility:
- Click on This link: Punjab National Bank (PNB) ASBA Link.
- Login to their page using your Login ID and Password.
- Investor Registration Option
- Users to register (create) once the Investor details such as Investor name, Depository detail, DP ID, Client ID, PAN No. (This is a one time creation and can be used for all future subscription to IPO/NFO etc.).
- The investor creation in the menu will save time at the time of subscribing in future issues and would also avoid any omission or typographical mistakes that usually reject applications.
- Subscribe an IPO
- The menu shall display all the current IPO/FPO/NFO issues open for subscription.
- Users to click at IPO issue which he/she intend to subscribe in the displayed list.
- Details of the IPO selected are displayed.
- User to select Investor name, account no. and investment category from dropdown.
- Then User to input bid quantity, price per share. User can bid 3 price options. On clicking on Calculate Bid amount, the highest Bid amount of the 3 options will be displayed. This shall be the amount for which the lien will be marked in the selected account.
- Only Retail Individual Investors (employee & shareholders also included) can bid at Cut-off price.
- User to ensure that bid is in marketable lot and the bid amount is within minimum and maximum Bid amount given in the price band of the issue.
- Details – as per investor registration is displayed. Click on submit button.
- All IPO subscription for Individual category greater than Rs.200000, message will be displayed as IND – HNI.
- All IPO subscription for Individual category less than or equal to Rs.200000, message will be displayed as IND – Retail.
- Acknowledgement receipt is displayed and is printable
- Modify a Bid
- In case user desires to have the IPO modified, the same can be done through this menu.
- Modification of bid is allowed only for Open IPO.
- Once the Bid is closed, user will not be able to modify the bid.
- User can modify the quantity and price. The bid amount is recalculated and lien shall be marked for incremental amount. However in case of downward revision the original lien amount shall continue till the allotment.
- Unsubscribe Bid IPO
- In case user wants to withdraw the Bid, this option is to be invoked when the particular Bid is Open.
- Once the Bid is closed, user will not be able to withdraw the bid.
- By clicking on the link, the details are displayed and user to authenticate for withdrawal. Accordingly, the lien will be revoke
- View Subscribed IPO
- User can also view all the subscribed IPO made through internet banking anytime for any date range.
How To Apply ASBA Through Punjab National Bank Offline facility:
- Visit the nearest designated Punjab National 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 held with any Punjab National 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
- Punjab National Bank account number, PAN, Demat account particulars, etc. need to be filled in the ASBA application form of the IPO and submitted to the branch.
- Subsequently, the bank will block the amount in the specified Punjab National 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 Punjab National Bank. We will be writing more about this series and will tell you How to Apply ASBA online through other Banks also.
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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