ASBA funds blocking ensures applications processed only after amounts are blocked, requiring intermediaries and exchanges to confirm. The circular mandates that ASBA applications in public issues be processed only after application monies are blocked in the investor's bank account, requiring mandatory confirmation of blocked funds for acceptance on stock exchanges' electronic book-building platforms. All intermediaries, market infrastructure institutions, SCSBs and registrars must implement necessary systemic and procedural arrangements within the prescribed implementation period, with merchant bankers coordinating stakeholders. The requirement applies to all investor categories and modes of processing and is effective for public issues opening on or after the stated effective date.
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.
ASBA funds blocking ensures applications processed only after amounts are blocked, requiring intermediaries and exchanges to confirm.
The circular mandates that ASBA applications in public issues be processed only after application monies are blocked in the investor's bank account, requiring mandatory confirmation of blocked funds for acceptance on stock exchanges' electronic book-building platforms. All intermediaries, market infrastructure institutions, SCSBs and registrars must implement necessary systemic and procedural arrangements within the prescribed implementation period, with merchant bankers coordinating stakeholders. The requirement applies to all investor categories and modes of processing and is effective for public issues opening on or after the stated effective date.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
