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of <h1>SEBI Issues Directive on ASBA Misuse, Mandates Clear Funds in Deposit Accounts for Public and Rights Issues.</h1> The Securities and Exchange Board of India (SEBI) issued a circular addressing the Application Supported by Blocked Amount (ASBA) facility in public and rights issues. SEBI noted that some banks are improperly using ASBA by marking liens against credit limits or overdraft facilities. Self Certified Syndicate Banks (SCSBs) must ensure that ASBA applications are backed by clear, demarcated funds in funded deposit accounts. For banks making applications on their own account, a separate account with clear funds must be used. This directive is effective immediately and is issued under the authority of the SEBI Act, 1992.
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