ASBA mandatory for REIT public issues, requiring electronic bidding, intermediary upload duties and stock-exchange validation and alerts. The circular mandates ASBA for all REIT public issues and requires bidding exclusively through recognised stock exchanges' electronic platforms. Investors must submit bid-cum-application forms to SCSBs or authorised intermediaries, who must upload bids, stamp and acknowledge applications and arrange fund blocking. Stock exchanges must validate DP ID/Client ID and PAN with depository records daily, allow limited modification of either DP ID/Client ID or PAN (but not both) and specified bank/location fields, provide applicant status updates and alerts, and ensure blocked funds are adjusted for bid revisions.