SEBI/HO/CFD/DIL2/CIR/P/2022/51 April 20, 2022
To
Recognized Stock Exchanges
Registered Stock Brokers
Registered Merchant Bankers
Registered Registrars to an Issue and Share Transfer Agents
Depositories and Registered Depository Participants
Registered Bankers to an Issue
Self Certified Syndicate Banks (SCSBs)
National Payments Corporation of India (NPCI)
Dear Sir / Madam,
Sub: Streamlining the Process of Public Issues and redressal of Investor grievances
1. SEBI vide Circular No. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March
16, 2021 (hereinafter referred to as “the March’21 Circular”), which came into
effect from May 01, 2021, had put in place measures to have a uniform policy to
further streamline the processing of the ASBA applications through UPI process
among intermediaries/SCSBs.
2. Vide Circular dated June 02, 2021, the implementation timelines for certain
provisions of the Circular were deferred.
Redressal of Investor grievances
3. The Circular provided a mechanism of compensation to investors for delay in
unblocking of application amounts by SCSBs and has prescribed certain
compliance and reporting standards to be adopted by SCSBs.
4. The performance of SCSBs on timely unblocking of application amounts has
been reviewed and based on the feedback received from market intermediaries,
a new reporting format for Annexure IV of the March’21 Circular has been
devised to capture the data of all ASBA applications unblocked by SCSBs and
their corresponding date of actual unblock. SCSBs shall submit the Annexure IV
of the March’21 Circular in the format prescribed in Annexure IV of this circular.
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5. It is reiterated that the SCSBs shall continue to compensate the investors for
delays in unblocking of application amounts as per the compensation clause
provided in the March’21 Circular.
6. The compensation prescribed in the March’21 Circular shall be applicable to
all ASBA applications processed by the SCSBs.
7. Paragraphs 13 and 14 of the March’21 Circular stand modified to the extent
stated above.
Payment of Processing Fee to SCSBs
8. To claim the processing fee, SCSBs shall make an application to the Merchant
Bankers in the format prescribed in Annexure I of this circular (complete with
requisite information mentioned therein) with a copy to the Registrar to the
Issue, subject to the following conditions:
a) The application shall be made no later than 30 days from the finalization of
basis of allotment by Registrar to the Issue.
b) The SCSBs shall make the application only after (i) unblocking of application
amounts for each application received by such SCSB has been fully completed;
(ii) applicable compensation relating to investor complaints has been paid by
the SCSB.
9. The SCSBs shall continue to be responsible to provide information requested
by the Merchant Bankers/ Registrar to the Issue/ Issuer and also remain liable
to pay compensation applicable as per the Circular (including any amendments
thereof), for delays in unblocking of application amounts after the processing
fee has been claimed by the SCSBs.
10. Needless to state that SCSBs are liable to face appropriate action under
Securities Laws for non-compliance with the requirements of this circular.
SMS Alerts to Investors
11. The March’21 Circular has made provisions of sending timely information to
investors through SMS Alerts for blocking and unblocking of application
amounts. With regard to UPI applications, NPCI had approached SEBI with a
proposal to include Invoice in the Inbox as one of the options for ensuring timely
information to investors.
12. Accordingly, it has been decided that the SCSBs/UPI Apps eligible for Public
Issues shall send SMS Alerts to Investors for all ASBA applications and may
also provide the Invoice in the Inbox as an additional feature to verify the UPI
mandate details. The SMS/Invoice in the Inbox shall include the details as
prescribed in Annexure II.
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13. Para 9 of the March’21 Circular and para 3.1 of the circular dated June 02, 2021
shall stand modified to the extent stated above.
14. This circular shall come into force with immediate effect. The provisions of this
circular shall become part of the offer documents, DRHP and RHP.
15. This circular is being issued in exercise of the powers under section 11 read with
section 11A of the Securities and Exchange Board of India Act, 1992.
16. This circular is available on SEBI website at www.sebi.gov.in under the
categories “Legal Framework” and “Issues and Listing”.
Yours faithfully,
Vandana Joglekar
Deputy General Manager
+91-22-26449639
vandanaj@sebi.gov.in
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Format for Annexure – IV
Name of the IPO______________________________________________________
Banker to the Issue____________________________________________________
Registrar to the Issue___________________________________________________
CERTIFICATION OF COMPLIANCE BY SCSBs FOR COMPLETION OF UNBLOCK
OF FUNDS ON THE NEXT WORKING DAY FROM THE FINALIZATION OF BASIS
OF ALLOTMENT BY REGISTRAR TO THE ISSUE (BOA+1).
Note: All SCSBs are required to submit to the Lead Managers and Registrar to the
Issue a certificate as per the format provided hereunder by the end of closing hours
of Bank Day on BOA+1. Upon receipt of this certificate, the Registrar to the Issue
shall maintain a record of the same and the consolidated compliance of all SCSBs
shall be provided by the Registrar to the Issue to Post Issue Lead Manager on
BOA+1. The Post Issue Lead Manager shall provide the same to SEBI as and when
it is sought.
Format of certificate to be submitted by SCSBs for Unblocking of Application Monies
1. We, [Name of the Bank], hold a valid certificate of registration as
a Banker to an Issue under the SEBI (Bankers to an Issue)
Regulations, 1994. Our SEBI registration number is
_____________________valid up to_______________.
2. The summary of applications processed in the Public Issue of
__________________is provided below.
Mode of No. of Total No. of Total Date of
ASBA Applications Amount (in Applications Amount (in Actual
application Crores) Processed for Crores) Unblock*
submission Unblocking
Bank
Online
UPI (online)
UPI (offline,
if any) – as
provided by
RTI.
* For the purposes of the above summary reporting, if date of unblock is not same for
all the applications received by an SCSB, then the date of unblocking should be the
date when the last application was unblocked.
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3. We have enclosed a data file of all ASBA applications unblocked by us in the format
specified below:-
Mode of
ASBA
applicatio
n
submissio Date of
Date of
n (Bank, Unbloc BOA+1
Actual
S. Issuer Applicant Application Online, king (in
Unblock
No. Name Name No. UPI Amount DD/MM/
(DD/MM
(online), (Rs.) YYYY
/YYYY)
UPI format)
(offline, if
any) – as
provided
by RTI)
4. Further, as on _____________________(BOA+1 Date),
 We hereby confirm that we have completed the unblocking of all ASBA applications for
non-allottees/ partial-allottees/ withdrawn/ cancelled/ deleted cases.
 We hereby confirm that there are no multiple amounts blocked in investor’s account for a
unique ASBA application.
 We hereby confirm that the bank has not blocked funds in excess of the application
amount in any of the investor’s account.
5. We are responsible for any investor grievances/complaints pertaining to
blocking/unblocking of application amounts while discharging our role as envisaged in
the ASBA facility.
Authorized/Nodal official of the SCSB
 Name –
 Designation –
 Mobile Number –
 Email Id –
 Contact Address –
Signature & Stamp of the Authorized/Nodal official.
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Annexure – I
Name of the IPO______________________________________________________
Banker to the Issue____________________________________________________
Registrar to the Issue___________________________________________________
APPLICATION FOR RELEASE OF PROCESSING FEE TO BE MADE BY SCSB TO THE
MERCHANT BANKERS NOT LATER THAN 30 DAYS FROM THE FINALIZATION OF BASIS OF
ALLOTMENT (BOA) BY REGISTRAR TO THE ISSUE.
Note: In order to claim the processing fee, all SCSBs are required to submit to the Merchant Bankers,
with a copy to Registrar to the Issue, an application as per the format provided hereunder (complete
with requisite information mentioned herein) not later than 30 days from BOA.
Format of application to be submitted by an SCSB to Merchant Bankers for release of Processing Fee
payable to the SCSB.
1. We, [Name of the Bank], hold a valid certificate of registration as a Banker to an Issue under the
SEBI (Bankers to an Issue) Regulations, 1994. Our SEBI registration number is
_____________________valid up to_______________.
2. We hereby submit our application for release of the processing fee payable to us amounting to Rs.
______________. We attach the workings relating to the aforementioned estimate of processing
fee/ selling commission.
3. We confirm that all unblocking of ASBA application amounts at our end is fully completed. We
have enclosed a data file of all ASBA applications unblocked by us in the format specified below:
Mode of ASBA
application
Date of
submission Date of
Unblocki BOA+1
(Bank, Online, Actual
S. Issuer Applicant Application ng (in
UPI (online), Unblock
No. Name Name No. Amount DD/MM/Y
UPI (offline, if (DD/MM/Y
(Rs.) YYY
any) – as YYY)
format)
provided by
RTI)
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4. We further confirm that we have paid all applicable compensation relating to investor complaints in
terms of the requirements of applicable SEBI circulars including SEBI circular dated March 16,
2021. We have enclosed a data file of all ASBA applications for which we have paid applicable
compensation in the format specified below:
 Format A: Compensation for delayed unblock for cancelled/ withdrawn/ deleted applications
(Refer to Schedule I) [Enter ‘Nil’ if not applicable]
 Format B: Compensation for blocking of multiple amounts for the same UPI Application
(Refer to Schedule II) [Enter ‘Nil’ if not applicable]
 Format C: Compensation for blocking more amount than the application amount (Refer to
Schedule III) [Enter ‘Nil’ if not applicable]
 Format D: Compensation for delayed unblock for non-allotted/ partially-allotted applications
(Refer to Schedule IV) [Enter ‘Nil’ if not applicable]
5. We undertake to provide requisite information/ explanations that maybe requested by the Merchant
Bankers/ Registrar to the Issue/ Issuer in connection with the information provided by us in this
application.
6. We acknowledge that we will continue to be responsible to provide information requested by the
Merchant Bankers/ Registrar to the Issue/ Issuer and also remain liable to pay applicable
compensation, for delays in unblocking of application amounts after the processing fee has been
claimed by us for this issue. We are responsible for any investor grievances/ complaints pertaining
to blocking/ unblocking of application amounts while discharging our role as envisaged in the
ASBA facility.
Authorized/ Nodal official of the SCSB
 Name –
 Designation –
 Mobile Number –
 Email Id –
 Contact Address –
Signature & Stamp of the Authorized/ Nodal official.
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Schedule I – Format for provision of information on compensation for delayed unblock for
cancelled/ withdrawn/ deleted applications
Mode of Date on which
ASBA request for
application cancellation/
Mode of
submission withdrawal/ Date of
payment of
(Bank, Application Date of receipt deletion is Date of Actual Compensation payment of
Issuer Applicant Application Compensation
S.No. Online, UPI Amount of complaint placed in Unblock paid by SCSB Compensation
Name Name No. (direct credit/
(online), (Rs.) (DD/MM/YYYY) Stock (DD/MM/YYYY) (Rs.) by SCSB
IMPS/ RTGS/
UPI (offline, Exchanges (DD/MM/YYYY)
NEFT etc.)
if any) – as Bidding
provided Platform
by RTI) (DD/MM/YYYY)
Schedule II - Format for provision of information on compensation for blocking of multiple
amounts for the same UPI Application
Mode of
ASBA Total
application cumulative
Mode of
submission blocked Date on which Date of
payment of
(Bank, amount Date of receipt multiple Date of Actual Compensation payment of
Issuer Applicant Application Compensation
S.No. Online, UPI less the of complaint amounts were Unblock paid by SCSB Compensation
Name Name No. (direct credit/
(online), original (DD/MM/YYYY) blocked (DD/MM/YYYY) (Rs.) by SCSB
IMPS/ RTGS/
UPI (offline, application (DD/MM/YYYY) (DD/MM/YYYY)
NEFT etc.)
if any) – as amount
provided (Rs.)
by RTI)
Schedule III - Format for provision of information on compensation for blocking more amount
than the application amount
Mode of
ASBA
application Date on which
Blocked Mode of
submission the funds to Date of
Amount payment of
(Bank, Date of receipt the excess of Date of Actual Compensation payment of
Issuer Applicant Application less Compensation
S.No. Online, UPI of complaint application Unblock paid by SCSB Compensation
Name Name No. Application (direct credit/
(online), (DD/MM/YYYY) amount were (DD/MM/YYYY) (Rs.) by SCSB
Amount IMPS/ RTGS/
UPI (offline, blocked (DD/MM/YYYY)
(Rs.) NEFT etc.)
if any) – as (DD/MM/YYYY)
provided
by RTI)
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Schedule IV - Format for provision of information on compensation for delayed unblock for
non-allotted/ partially-allotted applications
Mode of
ASBA
application
Mode of
submission Date of
payment of
(Bank, Application Date of receipt Date of Date of Actual Compensation payment of
Issuer Applicant Application Compensation
S.No. Online, UPI Amount of complaint BOA+1 Unblock paid by SCSB Compensation
Name Name No. (direct credit/
(online), (Rs.) (DD/MM/YYYY) (DD/MM/YYYY) (DD/MM/YYYY) (Rs.) by SCSB
IMPS/ RTGS/
UPI (offline, (DD/MM/YYYY)
NEFT etc.)
if any) – as
provided
by RTI)
Note:
For calculation of compensation, the table mentioned at scenario in Para 15 of the Circular dated
March 16, 2021 may be read as follows.
Compensation by SCSBs Compensation by Post Issue
Lead Manager
Rs.100/- per day or 15% per annum Rs.100/- per day or 15% per
of the application amount, annum of the application
whichever is higher. amount, whichever is higher.
Duration : November 06, 2020 to Duration : November 25, 2020 to
November 30, 2020 November 30, 2020
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Annexure II
For SMS
S.No. Scenarios Details to be present in SMS
1 Blocking of ASBA  Name of the IPO
Application  Application Amount
Amounts through  Date on which amount was blo cked.
Bank, Online and
UPI channels
2 Debit and For Full Allotment:
unblocking of  Name of the IPO
ASBA Application  Amount to be debited.
Amounts through  Date on which amount was debited.
Bank, Online and
For Partial Allotment:
UPI channels
 Name of the IPO
 Amount to be debited and
unblocked.
 Date on which amount was debited
and unblocked.
For Non Allotment:
 Name of the IPO
 Amount to be unblocked.
 Date on which amount was
unblocked.
For UPI Mandates - Invoice in the Inbox
S.No. Details to be available for Details to be available for
mandate block. mandate Debit and Unblock.
1 Name of the IPO Name of the IPO
2 Application Number Application Number
3 DP ID & Client ID DP ID & Client ID
4 Number of shares (Bid Qty) Number of shares (Bid Qty)
5 Highest Bid Amount Amount Blocked
6 Date and Time of Bidding Number of shares allocated
7 - Amount to be debited
8 - Amount to be unblocked
9 - Date of Initiation
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