The Securities and Exchange Board of India on 20th April 2022, has notified a new reporting format for capturing the data of all ASBA (Application Supported by Block Amount) applications unblocked by SCSBs (Self Certified Syndicate Banks) and their corresponding date of actual unblock. This new format has been put in place after reviewing the performance of SCSBs on timely unblocking of application amounts and feedback received from market intermediaries.
To claim the processing fee, SCSBs will have to make an application to the merchant bankers in the prescribed format with a copy to the Registrar to the Issue, subject to following condition:
- The application being made no later than 30 days from the finalisation of basis of allotment by Registrar to the Issue.
- SCSBs will have to make the application only after unblocking of application amount and paying the applicable compensation relating to investor complaints.
Further, SCSBs shall continue to be responsible to provide information requested by the merchant bankers/ Registrar to the Issue/ issuer and also remain liable to pay compensation for delays in unblocking of application amounts after the processing fee has been claimed by SCSBs.
SEBI in its earlier circular dated March 2021, has made provisions of sending timely information to investors through SMS Alerts for blocking and unblocking of application amounts.
Accordingly, it has been decided that the SCSBs/UPI Apps eligible for Public Issues shall send SMS Alerts to Investors for all ASBA applications and may also provide the Invoice in the Inbox as an additional feature to verify the UPI mandate details.
