TaxTMI 
TaxTMI 
Circular on Applications Supported by Blocked Amount - Stock Exchanges
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....ning an authorisation to block the application money in a bank account. b. Self Certified Syndicate Bank (SCSB): SCSB is a bank which offers the facility of applying through the ASBA process. A bank desirous of offering ASBA facility shall submit a certificate to SEBI as per the format given in Annexure I, for inclusion of its name in SEBI's list of SCSBs. The said list will be displayed by SEBI on its website at www.sebi.gov.in. ASBAs can be accepted only by SCSBs, whose names appear in the list of SCSBs displayed in SEBI"s website. On inclusion in the list of SCSBs, a bank shall commence its activities as an SCSB w.e.f. the 1st or 15th of a month, whichever is earlier, from the date of such inclusion. It shall then be deemed to have entered into an agreement with the issuer and shall be required to offer the ASBA facility to all its account holders for all issues to which ASBA process is applicable. A SCSB shall identify its Designated Branches (DBs) at which an ASBA investor shall submit ASBA and shall also identify the Controlling Branch (CB) which shall act as a coordinating branch for the Registrar to the Issue, Stock Exchanges and Merchant Bankers. The SCSB, its DBs an....
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.... ensure that adequate arrangements are made by the Registrar to the Issue to obtain information about all ASBAs and to treat these applications similar to non-ASBA applications while finalizing the basis of allotment, as per the procedure specified in the Guidelines. f. Applicability of ASBA process: ASBA process shall be applicable to all book-built public issues which provide for not more than one payment option to the retail individual investors. 4. The details of the role and responsibilities of the Stock Exchanges in the ASBA process are given in Annexure III, for due compliance by the Stock Exchanges. 5. The roles and responsibilities of other intermediaries, viz., SCSBs, Registrars to the Issue and Merchant Bankers in the ASBA process are given in Annexure IV. 6. This circular shall come in to effect from the date to be specified by SEBI, once few eligible banks are recognized as SCSBs. 7. This circular and the entire text of the amended SEBI (DIP) Guidelines are available on SEBI website at www.sebi.gov.in under the categories "Legal Framework" and "Issues and Listing". Yours faithfully, Neelam Bhardwaj Encl.: Annexure I - Certification by Self Certified Syn....
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....ount specified in the ASBA upon receipt of information on withdrawal/ failure of the issue from the post issue merchant bankers. (iv) We have systems in place to ensure that the amount blocked by us in the bank account specified in the ASBA shall be available at all times, for the purpose of giving it to the issuer upon finalisation of the basis of allotment. (v) We are responsible for any omission or commission on our part while discharging our role as envisaged in the ASBA process. (vi) We have systems in place to satisfactorily redress complaints arising out of errors or delays on our part to capture data, block or release funds, etc. (vii) We have identified our Controlling Branch and Designated Branch(es), the names and contact details of which are enclosed herewith. (viii) We have identified the following official of our bank as the nodal officer for the purpose of ASBA process: Name: _______________________ Designation: __________________ Branch: ______________________ Address: _____________________ Phone number(s): ______________ Fax Number: __________________ E-mail ID: _____________________ I, on behalf of ____________, hereby confirm that we fulfil all t....
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....it his/ her withdrawal request to the SCSB, which shall do the necessary, including deletion of details of the withdrawn ASBA from the electronic bidding system of the Stock Exchange(s) and unblocking of funds in the relevant bank account. Bidding period 7. The Stock Exchange(s) shall make available the updated electronic bid file to the Registrar to the Issue. Bidding period 8. The SCSB shall send the following aggregate information to the Registrar to the Issue after closure of the bidding period: (i) Total number of ASBAs uploaded by the SCSB (ii) Total number of shares and total amount blocked against the uploaded ASBAs. T+1 (where T stands for closing date of the bidding period) 9. The Registrar to the Issue shall reconcile the compiled data received from the Stock Exchange(s) (as explained in para 7 above) and all SCSBs (as explained in para 8 above) (hereinafter referred to as the "reconciled data"). T to T+11 10. The Registrar to the Issue shall then match the reconciled data with the depository's database for correctness of DP ID, Client ID and PAN. In case any DP ID, Client ID or PAN mentioned in the bid file for ASBAs does not match with the one avail....
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....n a bank account with the Self Certified Syndicate Bank (SCSB); (iv) has agreed not to revise his/her bid; (v) is not bidding under any of the reserved categories. 2. Details of ASBA investor: (i) Name (ii) PAN (iii) Bidder's depository account details (iv) Details of bids - a. Number of equity shares bid for b. Bid payment amount at cut off. 3. Bank Account Number of the account with the SCSB, in which funds to the extent of application money shall be blocked. 4. The following confirmations/ declarations from the ASBA investor: (i) That he/ she is an ASBA investor as per the applicable provisions of the SEBI (Disclosure and Investor Protection) Guidelines, 2000. (ii) That in accordance with the ASBA process provided in the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and as disclosed in the Red Herring Prospectus, the ASBA investor has - a. authorised the SCSB to do all acts as are necessary to make an application in the issue of the company, including uploading of his/ her bid, blocking or unblocking of funds in the bank account maintained with the SCSB specified in the ASBA, transfer of funds to the issuer's account on receipt of instruction from t....
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....e Issue. 6. The Stock Exchange(s) shall provide a facility of reverse confirmation to SCSBs regarding the data having been uploaded on their electronic bidding system. 7. In case of withdrawal of ASBA during the bidding period, the Stock Exchange(s) shall provide the facility of enabling SCSBs to - (i) delete the ASBA from the electronic bidding system or mark the withdrawal individually against the original bid uploaded; or (ii) upload withdrawal of the ASBA in batch mode, in the electronic bidding system. Annexure IV ROLE AND RESPONSIBILITIES OF OTHER INTERMEDIARIES (I) Role and responsibilities of Self Certified Syndicate Banks (SCSBs) Role and responsibilities of SCSBs shall include the following: 1. SCSB shall designate one branch as the Controlling Branch, which shall be the single point interface for the Registrar to the Issue, Stock Exchange(s) and merchant bankers, for co-ordination/ communication. 2. SCSB shall identify Designated Branches at which Physical Application Supported by Blocked Amount (Physical ASBA) can be submitted by ASBA investor. 3. An SCSB giving the facility of Electronic ASBA shall ensure that a soft copy of the abridged prospectus of ....
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....drawal of the issue, on receipt of appropriate instruction from the pre-issue merchant bankers, SCSB shall unblock the bank accounts latest by the next day of receipt of such instruction. 11. In case SCSB receives any information from the Registrar to the Issue regarding errors in bid details, the SCSB shall send the rectified data within the time specified by the Registrar. 12. SCSB shall ensure that information about revision in the bidding period or price band, as and when received, is communicated and effected to in its systems promptly, for information of ASBA investors. 13. SCSB shall take all necessary steps and co-operate with the Registrar to the Issue, Stock Exchange(s) and merchant bankers in ensuring secured transfer of data and completion of allotment of the equity shares within the time period specified in the Red Herring Prospectus. SCSB shall ensure that information, if any, sought in relation to ASBA process by the merchant bankers/ Registrar to the Issue, is promptly given. 14. SCSB shall retain Physical ASBAs for a period of six months and thereafter forward the same to the issuer. However, in case of Electronic ASBAs, "printouts" of such applications need no....
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....uniform procedure is followed for ASBA and non-ASBA. 6. Registrar to the Issue shall act as a nodal agency for redressing complaints of ASBA and non-ASBA investors, including providing guidance to ASBA investors regarding approaching the SCSB concerned. 7. Registrar to the Issue shall maintain accurately, at all times, the electronic records relating to ASBAs received from all SCSBs, including the following: (i) ASBAs taken from the electronic bidding system of the Stock Exchange(s) and ASBAs furnished by SCSBs in respect of the issue; (ii) particulars relating to allotment of equity shares against valid ASBAs; (iii) particulars relating to the requisite money to be transferred to the issuer's account against valid ASBAs; and (iv) Details of rejected/ withdrawn/ unsuccessful ASBAs, if any. (III) Role and Responsibilities of Merchant Bankers Role and responsibilities of Merchant Bankers shall include the following: 1. The pre-issue merchant banker(s) shall ensure that the ASBA process is provided as one of the modes of accepting bid-cum-application forms in all book built issues which provide for not more than one payment option to the retail individual investors. 2. ....