The Securities and Exchange Board of India vide its notification dated 16th March 2021, has decided to streamline the initial public offering (IPO) process with unified payment interface(UPI) in application supported by blocked amount (ASBA) and redressal of investor grievances.
In order to ensure timely response with regard to IPO process, SCSBs shall identify the nodal officer for IPO applications processed through UPI as a payment mechanism and submit the details to SEBI within 7 working days from the issuance of this circular. For ease of reference, the details of nodal officers of SCSBs shall be hosted on the SEBI Website.
For ease of doing business, Sponsor Banks shall host a web portal for intermediaries (closed user group)from the date of IPO opening till the date of listing with details of statistics of mandate blocks/unblocks, performance of Apps and UPI Handles, down-time/network latency(if any) across intermediaries and any such processes having an impact/bearing on the IPO bidding process.
