Compensation for delayed unblocking of ASBA funds: mandatory SCSB liability and revised reporting requirements enforceable immediately. SCSBs must compensate investors for delayed unblocking of ASBA application amounts as per the March'21 Circular; compensation applies to all ASBA applications. SCSBs must submit Annexure IV in a revised format capturing unblock dates and certify completion of unblocking on BOA+1. To claim processing fees, SCSBs must apply to merchant bankers within thirty days of basis of allotment only after completing unblocking and paying applicable compensation, and must provide detailed data files and remain liable for investor grievances and regulatory enforcement.
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.
Compensation for delayed unblocking of ASBA funds: mandatory SCSB liability and revised reporting requirements enforceable immediately.
SCSBs must compensate investors for delayed unblocking of ASBA application amounts as per the March'21 Circular; compensation applies to all ASBA applications. SCSBs must submit Annexure IV in a revised format capturing unblock dates and certify completion of unblocking on BOA+1. To claim processing fees, SCSBs must apply to merchant bankers within thirty days of basis of allotment only after completing unblocking and paying applicable compensation, and must provide detailed data files and remain liable for investor grievances and regulatory enforcement.
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