Timelines for various activities under ASBA

All the companies mandatorily have T+3 listing at the Stock Exchanges Since December 1, 2023, where 'T' stands for closure date of the issue. It means that the listing candidates will have to make their debut at Exchange(s) within three-working days after bidding for the issue ends.

The Securities and Exchange Board of India (Sebi) vide circular SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated: August 09,2023 had halved the IPO listing timeline to three days from six days earlier. The new rule was implemented in two phases, where it was optional from September 1, 2023 and made mandatory from December 1, 2023. It would give faster access to the capital raised to companies enhancing the ease of doing business and for investors it gives early credit and increase liquidity wherein, they can participate in secondary market or plan to apply in multiple issues.

UPI per transaction limit for ASBA application enhanced to Rs 5.0 Lacs

Retail investors can now use UPI to place bids up to Rs 5 lakh in initial public offerings. The Securities and Exchange Board of India (Sebi) vide circular SEBI/HO/CFD/DIL2/CIR/P/2022/45 dated April 05,2022 revised the limits for Unified Payment Interface (UPI) in IPOs by retail investors from Rs 2 lakh to Rs 5 lakh. This is applicable for public issues coming on or after May 1, 2022

Unblocking of ASBA applications shall be completed on T+2

In terms of SEBI circular SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated, August 09,2023, unblock process for non-
allotted/partially allotted applications is completed by the closing hours of one Working Day
subsequent to the finalisation of the Basis of Allotment