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of <h1>SEBI Requires Fund Blocking Confirmation for ASBA Applications in Equity and Convertible Public Issues Effective September 2022.</h1> The Securities and Exchange Board of India (SEBI) has mandated that Application Supported by Blocked Amount (ASBA) applications in public issues of equity shares and convertibles must be processed only after the application funds are blocked in investors' bank accounts. This applies to all investor categories and processing modes. Stock exchanges must confirm the blocking of funds before accepting ASBA applications on their electronic platforms. All market intermediaries and infrastructure institutions are required to implement necessary systemic and procedural arrangements within three months. This directive is effective for public issues opening on or after September 1, 2022.
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