The National Stock Exchange (NSE) on September 18, 2023, issued a notification regarding the Update on the Processing of ASBA applications in the Public Issue of Equity Shares and Convertibles
This is in continuation of the Exchange Circular No. 25/2022 (download Ref No: NSE/IPO/53197) dated August 03, 2022 regarding the processing of ASBA applications in public issue of equity shares and convertibles and Exchange Circular No. 99/2023 (download Ref No: NSE/IP0/57942) dated August 11, 2023, regarding Reduction of Timeline for Listing of Shares in Public Issue from existing T+6 days to T+3 day.
The following has been stated namely: -
• It states that For Direct Bank ASBA and Syndicate ASBA applications, prior to blocking ASBA application monies in the bank account of the applicant, the SCSBs shall ensure the following:
(i) The PAN mentioned in the application matches with the PAN linked to the bank account of the applicant maintained with the bank. A confirmation on the above shall be submitted by SCSBs to the Registrar to Issue along with the Final Certificate.
(ii) The PAN linked to the bank account of the applicant shall be part of the bidding data on the Stock Exchange platform.
• It states that the following changes shall be applicable for IPO (Equity, SME IPO, REIT, and INVIT) for Self-Certified Syndicate Banks (SCSBs) only:
1. The Bank Account Number field shall be mandatory.
2. Bank Account Number Length shall increase from 16 to 45.
• It states that the file formats of bulk upload for SCSB/Banks and Trading Members for IPO (Equity, SME IPO, REIT, and INVIT) shall be discontinued and only standardized file formats as provided in Annexure 1 and Annexure 2 respectively shall continue. API users shall be separately intimated post-release of the latest API document.
• It further states that the said changes shall be available in the Mock UAT environment with effect from September 30, 2023, and shall be implemented in the Live system and will be applicable for all initial public issues opening on or after October 16, 2023.
[Notification No.NSE/IPO/ 58442]
