The Securities and Exchange Board of India vide its notification dated 2nd June 2021 has extended the date for implementation of its earlier circular dated 16th march 2021, which has defined the uniform policy to streamline the processing of ASBA applications through UPI process among intermediaries/SCSBs and also provided a mechanism of compensation to investors.
Based on the representation received from stakeholders, SEBI has extended the automated web portal to be live and operational after due testing and mock trials with the CUG entities for Public Issues opening on or after 1st October, 202.
The SCSB’s shall continue to send SMS alerts during the actual block/debit/unblock of UPI mandate in the prescribed format, the details of total number of shares applied/allotted/non-allotted, etc shall be included in SMS for Public Issues opening on/after 1st January 2022.
Further the process of unblocking shall be completed by T+4 and the Registrar to the Issue shall provide the allotment/ revoke files to the Sponsor Bank by 8:00 PM on T+3 i.e, the day when the Basis of Allotment(BOA)has to be finalized.
To ensure that the unblocking is completed on T+4, the Lead Managers, on a continuous basis and before the opening of the public issue shall take up the matter with the SCSB’s at the appropriate level.
