Saturday, September 6, 2008

Banks to provide new IPO payment facility

Few banks participated in the mock test carried out by the BSE for the new IPO payment facility recently permitted by SEBI. This facility, called the Application Supported by Blocked Amounts (ASBA), allows banks to block IPO application money in the applicant’s bank account till the time of allotment of shares. Only that amount proportionate to the share allotment will be transferred from the account. Using this interface, the banks participating in the IPO process would be able to upload the bids with respect to their customers, into the electronic book of the BSE.

The markets regulator has said that ASBA will be operationalised from Monday. This coincides with the opening of the IPO of 20 Microns, the first issue in which the ASBA process will be used by investors.

The banks that participated in the mock test were Bank of Baroda, Corporation Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indus Ind Bank, Kotak Bank, Punjab National Bank, State Bank of India, SBBJ and Union Bank.

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