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Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances - SEBI - SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M

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..... 4. The intermediaries in the IPO ecosystem have agreed to the standard operating procedure as well as the level of security for all messaging protocols from different nodes. This has addressed a lot of investor issues. 5. Gaining on the experience of the market with the current UPI system, the following issues have been identified based on the consultation with market participants which need to be addressed. a) Delay in receipt of mandate by investors for blocking of funds due to systemic issues at Intermediaries/SCSBs. b) Failure to unblock funds for cancelled/withdrawn/deleted cases in the Stock Exchanges platform. c) Failure to unblock the funds in cases of partial allotment by the next working day from the finalization of basis of allotment (BOA). d) Failure to unblock the funds in cases of non-allotment by BOA+1. e) SCSB blocking multiple amounts for the same UPI application. f) SCSB blocking more amount in the investors account than the application amount. 6. Therefore, need has been felt to put in place measures to have a uniform policy and to further streamline the reconciliation process among intermediaries/SCSBs. This circular also provides a mechanism of compensation to .....

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Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances - SEBI

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..... O/CFD/DCR2/CIR/P/2019/133, SEBI had endeavored that the unblock of applications shall be completed on T+4 (T: Issue Closing Date), which is effectively BOA+1. However, in view of the complaints received pertaining to delayed unblock, the following process shall be implemented by intermediaries. 13.1 Sponsor Banks shall execute the online mandate revoke file for Non-Allottees /Partial Allottees on BOA+1. Subsequently, any pending applications for unblock shall be submitted to RTA, not later than 12:30 PM on BOA+1. 13.2 Subsequently, RTI shall submit the bank-wise pending UPI applications for unblock to SCSB’s along with the allotment file, not later than 02:00 PM on BOA+1. The allotment file shall include all applications pertaining to full-allotment/partial-allotment/non-allotment/cancelled/withdrawn/deleted applications etc. 13.3 SCSB’s shall ensure that the unblock for non-allotted/partial-allotted applications is completed by the closing hours of bank day on BOA+1. SCSB’s shall submit the confirmation on the same, to Lead Managers and RTA, not later than BOA+1. Such report shall be submitted as per the format prescribed in Annexure IV. 14. SCSBs failing to prov .....

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Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances - SEBI

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..... cy outlined in this Circular. 18. This circular is being issued in exercise of the powers under section 11 read with section 11A of the Securities and Exchange Board of India Act, 1992. 19. This circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” and “Issues and Listing”. Yours faithfully, Yogita Jadhav General Manager +91-22-26449583 yogitag@sebi.gov.in Annexure I Details of Nodal officers of SCSBs for IPO applications processed through UPI Format of certificate to be submitted by SCSBs (i) We, [Name of the Bank], hold a valid certificate of registration as a Banker to an Issue under the SEBI (Bankers to an Issue) Regulations, 1994. Our SEBI registration number is ______________________valid up to____________________ . (ii) We hereby confirm that we have completed the UPI 2.0 certification process with National Payments Corporation of India (NPCI) as an Issuer/Issuer & Acquirer/Acquirer. We also confirm that we have complied with NPCI office circular 78 on ‘Reconciliation and handling declined/timed-out transactions in UPI for one-time mandate block’. The certification done and sign off received fr .....

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Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances - SEBI

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..... s:____________________________ Mobile number: __________________ E-mail ID:___________________________ (viii) We have identified the following escalation matrix for the purpose of ASBA facility with UPI: First level escalation Name : _________________________ Designation: _____________________ Department: _____________________ Address:____________________________ Mobile number: __________________ E-mail ID:___________________________ Second level escalation Name : _________________________ Designation: _____________________ Department: _____________________ Address:____________________________ Mobile number: __________________ E-mail ID:___________________________ 9 Final level escalation Name : _________________________ Designation: _____________________ Department: _____________________ Address:____________________________ Mobile number: __________________ E-mail ID:___________________________ Compliance Officer Details Name : _________________________ Address:____________________________ Mobile number: __________________ E-mail ID:___________________________ (ix) We undertake to inform changes, if any, in the aforesaid details furnished to SEBI, on as and when basis. I, ________ .....

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Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances - SEBI

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..... ger on BOA+1. Post Issue Lead Manager shall provide the same to SEBI as and when it is sought. Format of certificate to be submitted by SCSBs for Unblocking of Funds in UPI Applications (i) We, [Name of the Bank], hold a valid certificate of registration as a Banker to an Issue under the SEBI (Bankers to an Issue) Regulations, 1994. Our SEBI registration number is _____________________valid up to_______________. In the IPO of _____________________, on/as on ______________(BOA+1), We hereby confirm that___________________UPI applications were successfully processed for a total amount of _______________ (in crores). We hereby confirm that ___________________UPI applications have got no-allotment/partial-allotment for a total amount of ____________ (in crores). We have received _______________ UPI applications from _______________ (RTI) for unblocking of funds. We hereby confirm that we have completed the unblocking for non-allottees/partial-allottees/withdrawn/cancelled/deleted UPI applications. We hereby confirm that there are no multiple amounts blocked in investor’s account for a unique UPI application. We hereby confirm that the bank has not blocked funds in excess of the a .....

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Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances - SEBI

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