UPI mandate unblock obligations require banks and intermediaries to timely release funds and compensate investors for delays. SEBI requires Lead Managers to ensure compliance with prescribed timelines and processes for IPO applications using UPI in ASBA, designates SCSB nodal officers, mandates SCSB SMS alerts and Sponsor Bank portals, and prescribes RTAs/SCSBs reporting and BOA+1 unblocking procedures. Non compliance attracts securities law action and a specified compensation mechanism obliges SCSBs (and Post Issue Lead Managers for delayed redressal) to compensate investors for delayed or erroneous blocking/unblocking, with Lead Managers withholding intermediary payments until confirmations of unblock completion are received.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
UPI mandate unblock obligations require banks and intermediaries to timely release funds and compensate investors for delays.
SEBI requires Lead Managers to ensure compliance with prescribed timelines and processes for IPO applications using UPI in ASBA, designates SCSB nodal officers, mandates SCSB SMS alerts and Sponsor Bank portals, and prescribes RTAs/SCSBs reporting and BOA+1 unblocking procedures. Non compliance attracts securities law action and a specified compensation mechanism obliges SCSBs (and Post Issue Lead Managers for delayed redressal) to compensate investors for delayed or erroneous blocking/unblocking, with Lead Managers withholding intermediary payments until confirmations of unblock completion are received.
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