Unified Payments Interface enables UPI based blocking of application funds for InvIT public issues, with mandate and reconciliation processes. Introduction of a UPI mechanism for public issues of InvIT units allows investors to block funds via a bank linked UPI ID as an alternative to ASBA for eligible applications. Stock Exchanges and Depositories must validate PAN and Demat details in near real time; validated bids and UPI IDs are sent to a Sponsor Bank which raises one time UPI mandates to block funds. Sponsor Banks, Exchanges and Registrars exchange mandate and block status files for reconciliation, allotment processing, debit/collect requests on allotment, and automatic unblocking or refund where applicable.
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Provisions expressly mentioned in the judgment/order text.
Unified Payments Interface enables UPI based blocking of application funds for InvIT public issues, with mandate and reconciliation processes.
Introduction of a UPI mechanism for public issues of InvIT units allows investors to block funds via a bank linked UPI ID as an alternative to ASBA for eligible applications. Stock Exchanges and Depositories must validate PAN and Demat details in near real time; validated bids and UPI IDs are sent to a Sponsor Bank which raises one time UPI mandates to block funds. Sponsor Banks, Exchanges and Registrars exchange mandate and block status files for reconciliation, allotment processing, debit/collect requests on allotment, and automatic unblocking or refund where applicable.
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