ASBA is an Application Supported by Blocked Amount. It was introduced by the Securities Exchange Board of India (SEBI). It is a process which helps to apply for any ongoing IPO with ease. In process, you instruct your Bank to block the application amount in your bank account itself. If you get an allotment, the amount is debited from your bank account or else, it’s unblocked.
GP Parsik Sahakari Bank ltd is a ASBA enabled SCSB (Self Certified Syndicate Banker) and is authorized to receive IPO applications for our Bank’s customers at a following designated 13 branches:-
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Benefits of ASBA :-
● The bank blocks the application money in customer account and customer continues earning interest on it.
● The facility of ASBA is free of cost and convenient.
● It has made the refund process transparent. If applicants aren’t allotted IPO shares, the SCSB
unblocks and release the money to your account.
● ASBA prevents the IPO issuer from using the funds before allotting the shares.
● Individuals can withdraw ASBA application until the issue is open for biding.