September 13, 2022
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Revision in cut-off time for IPO UPI mandates

With reference to the SEBI circular (SEBI/HO/CFD/DIL2/P/CIR/2022/75) dated 30-May-22, ASBA applications for public issues such as IPO will be processed only after application money is blocked in the bank account. In regards to the same, NSE in their circular (NSE/IPO/53197) dated 03-Aug-22 has made modifications in the process of UPI-based bids. 

Please note the below modifications with respect to the UPI transactions.

  • The cut-off time for UPI mandate acceptance shall be up to 05:00 pm on the IPO closure date
  • UPI bids only with their latest status as RC 100 (block request accepted by investor/client) will be considered a valid application

    • In light of the above, we urge you to kindly place your bids in such a manner that you have sufficient time to authorize your IPO UPI mandate request. 

    Kindly note that said changes are applicable for all the Equity Issues opening on or after 01-Sep-22.

    To know more about these modifications, read SEBI Circular | NSE Circular

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