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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →To apply for an Indian IPO, use an active demat account and submit a bid through an available ASBA route: either a participating intermediary with UPI-based ASBA, followed by approval of the UPI block mandate, or an eligible bank’s ASBA facility. ASBA blocks the bid amount rather than immediately transferring it. An application is a bid, not a guarantee of shares; allotment depends on the issue’s allotment process.
What you need before applying
- An active demat account: IPO shares allotted to you are credited in demat form. SEBI’s May 2025 FAQ says IPO and FPO allotments can be made only in demat mode, so a demat account is mandatory. SEBI investor FAQ, May 2025.
- Correct identity and account details: Have your PAN and demat DP/client identifiers ready. Ensure the applicant name and details correspond to the demat records.
- An eligible payment route: For UPI-based ASBA, use your own eligible UPI ID and associated payment account. Alternatively, check whether your bank offers ASBA for the issue and applicant category.
- The issue’s current terms: Check the offer document or exchange or registrar notice for the bid window, price band, lot size, category and application instructions. These details vary by IPO.
Choose between UPI-based ASBA and bank ASBA
The available route depends on your applicant category, application amount, participating institutions and the issue’s current instructions. Verify eligibility and supported institutions before starting.
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| Route | What you do | What to check |
|---|---|---|
| UPI-based ASBA through a participating intermediary | Submit the bid with your UPI ID, then receive and approve a block mandate in your UPI app. | Whether you are eligible and within the applicable application limit; supported UPI app, handle and bank; and whether you can receive and approve the mandate in time. |
| Bank ASBA | Apply through an eligible bank’s ASBA facility, such as its net-banking or designated application channel. | Whether the bank supports the issue and your category, the bank’s application channel and timing, and the accuracy of your bid and demat details. |
SEBI’s investor guidance states a UPI limit of ₹5 lakh per transaction for small individual investors. Eligibility rules and participating apps, banks and intermediaries may change, so confirm the current requirements in SEBI’s IPO guidance and the issue documents before applying.
How to apply through a demat account
- Check your demat information. Confirm that the account is active and note the PAN and DP/client identifiers to be used in the application.
- Read the issue instructions. Find the opening and closing dates, price band, bid lot, category-specific rules and permitted application routes in the current offer document or exchange or registrar notice.
- Open the application through a participating intermediary or bank. Select the issue and the route available to you. Use the bank’s ASBA channel if applying directly through an eligible bank; use a participating intermediary for UPI-based ASBA where eligible.
- Enter and review the bid. Select the correct applicant category, lot or quantity, and bid price—or cutoff option if the issue permits it. Keep the price within the issue’s bid range. Check that the PAN, applicant name, demat identifiers and payment details are accurate and consistent.
- Complete the payment authorization for your route. With UPI-based ASBA, submit your UPI ID with the application, then open the block request in the UPI app and approve it using the required authentication. Providing a UPI ID alone does not authorize the block. With bank ASBA, follow the bank’s instructions to submit the application and authorize blocking.
- Keep the reference and check status. Save the application or reference number. Follow the broker, bank, exchange or registrar status channel named for the issue.
What happens to the money
Under ASBA, the amount for which you applied is blocked in your account while the application is pending; it is not immediately transferred in full. SEBI explains that the money remains in the investor’s account until allotment. If shares are allotted, the amount payable for those shares is debited. If none are allotted, the block is released or ends through the applicable ASBA or mandate process. See SEBI’s ASBA guidance and the NPCI UPI IPO process.
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Errors that can undermine an application
- Applying without an active demat account or entering an incorrect DP/client identifier.
- Using a PAN, applicant name or demat record that does not match the application requirements.
- Entering an invalid lot or quantity, bidding outside the permitted price range, or omitting required payment information.
- Assuming that entering a UPI ID is enough. The block mandate must also be received and approved.
- Using another person’s UPI ID or bank account. SEBI guidance warns that third-party payment details can invalidate an application.
- Assuming a bid guarantees allotment, or that the full amount is immediately transferred. ASBA blocks funds while the application is pending; allotment is determined under the issue’s process.
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