For an Indian public issue, you can apply either through an eligible bank’s ASBA (Application Supported by Blocked Amount) facility or by submitting the bid through an eligible intermediary and approving a UPI mandate. In both routes, the application amount is normally blocked in your bank account rather than sent to the issuer immediately. After allotment, the amount payable for allotted shares is debited and any excess or unused amount is released.
The key distinction is that the broker or other intermediary may collect and submit your bid, while your bank or UPI app authorizes the block. A broker submission is not necessarily the final step: a UPI application is incomplete until you approve the valid mandate in your own UPI app.
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Choose the route that fits your account
These routes use the same blocked-funds principle but put different parts of the process in front of you. The exact screens and menu names vary by bank, intermediary and issue, so use the current instructions shown in the live application and offer documents.
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|---|---|---|---|
| Broker or other permitted intermediary with UPI | An eligible registered stock broker, syndicate member, registrar and transfer agent, or depository participant, using your UPI ID | The sponsor bank sends a mandate; the amount is blocked after you approve it. The allotted amount is debited later and excess is released. | Submitting the order in the intermediary’s interface does not finish the application. Approve the mandate in your UPI app. |
| Bank ASBA or net-banking ASBA | Your eligible bank’s ASBA or IPO section | The bank blocks the application amount in your account until allotment. | Portal steps differ by bank. Follow that bank’s current IPO/ASBA instructions and confirm that the bank is eligible for the issue. |
| Direct bank ASBA channel | An eligible self-certified syndicate bank (SCSB) or another permitted bank channel | Money stays in your account but is unavailable for the blocked amount pending allotment. | Eligibility depends on the issue, your investor category and the bank channel you use. |
SEBI’s investor guidance explains the ASBA mechanism at SEBI Investor: Apply in IPO through ASBA. Its UPI explainer covers intermediary submission and mandate authorization at SEBI Investor: Apply in IPO Through ASBA (UPI).
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Check the issue before entering an application
Application mechanics do not tell you whether a particular IPO is open or which terms apply. Before opening your broker or bank portal, read the current offer document and the issuer or exchange information for:
- the opening and closing dates and the permitted application window;
- the price band, lot size and minimum application amount;
- the investor category under which you are applying;
- the required PAN, demat-account and bank details; and
- any issue-specific instructions about eligible banks, intermediaries or UPI applications.
Dates, category rules, eligible institutions and portal labels can change. Do not rely on a saved screenshot or an old IPO guide for a new issue.
What to have ready
Your own identity and account details
Use the applicant’s own PAN and the demat account into which shares would be credited. Keep the bank account that belongs to that applicant available for ASBA or UPI authorization. The live application form and offer document determine the exact fields; there is no single universal checklist for every category and issue.
A compatible UPI setup, if you use a broker
For the UPI route, enter the UPI ID linked to your own eligible bank account. You need access to the UPI app that receives the public-issue mandate and the ability to authorize it. A bid entered in a broker interface can remain pending if the mandate is ignored, declined or sent to an ineligible account.
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Sufficient available balance
Keep enough cleared balance for the maximum amount you are applying for, including the number of lots and bid price permitted by the issue. The balance is not generally transferred away when you apply, but the blocked amount cannot be freely spent until it is released or debited.
How to apply through a broker using UPI
This is the common workflow when an eligible intermediary collects your bid and your bank authorizes the funds through UPI. Providers use different labels, so treat the names below as the functions you need to find, not as a promise of a particular screen.
- Open the IPO section. Sign in to your eligible broker or other permitted intermediary and select the live public issue. Verify the issuer, dates and price band against the current offer information.
- Select the correct investor category. Choose the category that matches your status and the issue’s rules. Category errors can make an otherwise complete form ineligible.
- Enter applicant and demat details. Supply the PAN, demat particulars and other information requested by the application. Check every digit before submitting.
- Choose lots and bid price. Enter the number of lots and price or bid option allowed by the issue. The intermediary should show the resulting application amount before you confirm.
- Enter your own UPI ID. Use the UPI ID belonging to the same applicant and bank account. Do not substitute a family member’s UPI ID or another person’s bank account.
- Submit the bid. The intermediary passes the bid and UPI information into the public-issue process. Record the application reference shown on screen or in the confirmation message.
- Open your UPI app and inspect the mandate. Look for a public-issue mandate from the relevant sponsor bank. Check the issuer, applicant, amount, validity and other displayed details before authorizing.
- Approve the mandate in the UPI app. Complete the authorization using your own UPI security method. Your UPI PIN authorizes the bank action; it is not something a broker or helper should request from you.
- Confirm both sides. Return to the intermediary’s current order or application-status view and check the UPI app’s mandate status. A submitted bid without an approved mandate should not be treated as a completed UPI application.
SEBI’s UPI guidance describes this separation between bid submission and mandate authorization. The regulatory context for individual investors applying through intermediaries is set out in SEBI’s September 24, 2024 circular, Usage of UPI by individual investors for making an application in public issue of securities through intermediaries.
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How to apply through net banking or a bank ASBA facility
ASBA means Application Supported by Blocked Amount. You apply through an eligible bank channel, and the bank places a hold on the amount specified in the application. The precise path differs among banks; a typical process is:
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- Sign in directly to your bank. Use the bank’s official website or app and locate its IPO, ASBA or investment section. Do not follow an unsolicited link sent by a caller or message.
- Select the live issue. Confirm the issue name, application dates, price band, lot size and investor category shown by the bank.
- Enter the application information. Provide the applicant’s PAN, demat details, bank account and bid information exactly as required. Some banks show category-specific fields or require a particular account type.
- Review the amount to be blocked. Check the lot count, bid price and total before authorizing. Make sure the account has sufficient available balance.
- Submit and authorize the ASBA request. Complete the bank’s authentication and save the application or acknowledgement number.
- Monitor status through the bank or issue’s available tools. Banks do not all use the same menu, notification or status terminology. Follow the current help page for your bank rather than assuming another bank’s sequence applies.
SEBI’s ASBA explainer states: “In ASBA, money to the extent of price of the shares for which the investor has applied, is blocked, but it remains in their account till allotment.” The bank channel therefore reserves the amount without treating the application as an immediate transfer to the issuer.
How the blocked-money process works
At application
With ASBA, the amount corresponding to your bid is blocked in the bank account. With UPI, the sponsor bank requests a mandate and the block is created after you authorize it. In either case, the money remains associated with your account while the application is processed, although the blocked portion is not available for ordinary spending.
When shares are allotted
SEBI says the amount required for the shares allotted is debited from the account. If you receive fewer shares than the amount you applied for, only the amount due for those shares is taken.
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Unused funds are released or unblocked. A conventional refund transfer is generally not required for an ASBA application because the money was held in your account rather than sent away. UPI guidance similarly describes release of excess funds after allotment.
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Neither route guarantees an allotment, a listing gain or a particular release time. The official guidance explains the mechanism but does not establish one universal notification or unblocking timetable for every bank, sponsor bank or issue.
UPI eligibility and the ₹5 lakh limit
SEBI’s investor UPI page states that UPI IPO applications are limited to ₹5 lakh per transaction and are available to retail individual investors. Regulatory requirements and issue processes can change, so verify the current limit, category eligibility and application terms in the live issue documents and SEBI’s current information.
SEBI also lists permitted submission channels, including syndicate members, registered stock brokers, registrars and transfer agents, and depository participants. Use an intermediary and UPI route that the current SEBI and issue instructions recognize; do not assume that every app, broker or UPI handle can submit a public-issue application.
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SEBI’s guidance warns: “Third party UPI ID or investors using a third party bank account will not be considered for allocation.” In practical terms, the person named in the application should use that person’s eligible bank account and UPI ID. A parent, friend, adviser or broker employee should not authorize the mandate from their own account on your behalf.
- Match the applicant name, PAN, demat account, bank account and UPI identity as required by the issue.
- Never disclose your UPI PIN, one-time password or banking password to a broker, caller or anyone claiming to complete the application.
- Approve only a mandate whose issuer, amount and applicant details you have checked in the official UPI app.
- Use the bank or intermediary’s official support channel if a mandate looks unfamiliar or the amount is wrong.
What to do when a UPI application appears stuck
No mandate has appeared
First verify that the UPI ID was typed correctly and that it belongs to the applicant’s eligible bank account. Check the UPI app’s pending-mandate area and the intermediary’s application-status view. Because notification timing and menu labels vary, use the current instructions from the relevant provider. Do not create a second application impulsively unless the issue rules and provider clearly permit it; duplicate or conflicting requests can make status harder to reconcile.
The mandate was declined or expired
Read the exact status in the UPI app and intermediary portal. A declined or expired mandate has not authorized the block. Contact the intermediary or bank through its official support route and ask whether the bid can be resubmitted within the issue’s open period.
The amount is blocked but the application is not visible
Save the application number, mandate reference and timestamps. Do not share your PIN or approve another request merely because someone calls you. Ask the intermediary and bank to reconcile the reference numbers and confirm whether the application reached the issue process.
The bank portal will not accept the ASBA request
Check whether the issue is still open, the selected investor category is supported, the bank account is eligible and the available balance covers the requested amount. If the bank’s current IPO instructions differ from an older guide, follow the live bank instructions.
After you apply: a practical status checklist
- Keep the acknowledgement or application number until allotment and release of funds are complete.
- Check the intermediary or bank status using its current official tools; there is no provider-neutral menu path that applies everywhere.
- For UPI, confirm that the mandate shows as authorized rather than merely created or pending.
- After allotment, check that the amount for allotted shares was debited and that the unused portion was released.
- If the outcome or blocked amount does not match the issue’s allotment information, give the bank, sponsor bank and intermediary the saved references when requesting support.
Common mistakes that can invalidate or delay an application
- Stopping after broker submission: the UPI mandate still needs your approval.
- Using another person’s account: third-party UPI IDs and bank accounts are not considered for allocation under SEBI’s stated guidance.
- Entering mismatched details: a typo in PAN, demat information, UPI ID or bid quantity can prevent proper matching.
- Applying through an unverified channel: use only eligible intermediaries and current bank/SEBI instructions.
- Assuming the full amount has been paid: ASBA and authorized UPI applications block funds; the allotted amount is debited later.
- Expecting a guaranteed result or fixed release time: neither allotment nor a universal processing timetable is promised by the process guidance.
Regulatory references to keep handy
For the core ASBA mechanism, see SEBI Investor’s ASBA guidance. For UPI submission, mandate authorization, eligible channels, the retail limit and the third-party-account warning, see SEBI Investor’s UPI guidance. SEBI’s September 24, 2024 intermediary circular is available at the official circular page. The regulatory framework for ASBA in public issues is in SEBI’s ICDR Regulations, Chapter III, at SEBI ICDR Regulations.
Bottom line
Use an eligible bank ASBA channel when you want the bank to handle both submission and blocking, or use an eligible intermediary with UPI when you prefer to place the bid there. With UPI, approve the sponsor-bank mandate in your own app; with ASBA, authorize the bank’s block. In both cases, the application amount normally stays in your account while blocked, the amount due for allotted shares is debited after allotment, and unused funds are released.
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