To apply for an IPO in India, submit a bid through an issue-approved channel and arrange for the application amount to be blocked in your bank account. You can use bank ASBA through an eligible Self-Certified Syndicate Bank (SCSB), or, if eligible, apply through an authorized intermediary using a UPI mandate. With UPI, submitting the bid is not enough: you must accept the mandate and confirm the funds were blocked before the issue’s stated deadline.
Issue dates, categories, application limits, supported channels and mandate cutoffs can vary. Check the live offer document and exchange issue page for the IPO you are applying to.
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ASBA and UPI: what is the difference?
ASBA stands for Application Supported by Blocked Amount. Rather than transferring the application money when you bid, you authorize your bank to block the amount in your account. SEBI explains that the blocked funds remain in the account until allotment and continue to earn interest. If you receive shares, the amount due is debited; if you do not receive an allotment, no refund transfer is needed. SEBI’s ASBA guidance
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →UPI is a way for eligible individual investors to authorize that block as part of the ASBA process. You enter your own UPI ID while applying through an authorized intermediary, then accept the sponsor-bank mandate in your UPI app and authorize it with your UPI PIN. The bid is not complete merely because it was submitted: the mandate must be accepted and the block must succeed. SEBI’s FAQ and the issue prospectus
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Which application route can you use?
| Route | Where you apply | How the amount is blocked | What to check |
|---|---|---|---|
| Bank ASBA | Through an eligible SCSB, using a supported physical or online application channel. | You give the bank ASBA instructions to block the application amount. | Confirm the bank and channel are eligible for the issue and your investor category. |
| UPI through an intermediary | Through an authorized syndicate member, registered stockbroker, registrar and transfer agent, or depository participant. A supported broker online facility may also be available. | You provide your own UPI ID, accept the mandate request and authorize the block with your UPI PIN. | Confirm your eligibility, the intermediary and app support, and the issue’s mandate deadline. |
| Linked 3-in-1 account | Through a bank/broker service that offers this facility. | Follow the service’s issue-specific instructions for authorizing the block. | Availability depends on the provider and issue; check the offer document and provider instructions. |
SEBI says the linked 3-in-1 route continues where a bank or broker offers it. These channels are not interchangeable in every situation: the route available to you can depend on your investor category, application amount, intermediary and the issue. Check SEBI’s current FAQ, its UPI investor guidance, and the offer document rather than assuming a particular broker, app or bank is supported.
Who can use UPI, and what is the limit?
SEBI investor guidance states a UPI application limit of ₹5 lakh per transaction and describes UPI for eligible individual investors. Use a bank account and linked UPI ID belonging to the applicant; another person’s account or UPI ID can lead to rejection. Category-specific eligibility and issue terms can differ, so confirm them in the current offer document. SEBI’s UPI investor guidance and SEBI issue disclosures
How to apply step by step
- Check the live issue information. In the offer document and exchange issue page, confirm the bidding dates, your investor category, minimum or lot application, price or cut-off option, permitted application channels and the UPI mandate deadline. Do not rely on a generic cutoff: NSE’s issue information lists issue-specific data, and deadlines can vary.
- Prepare your applicant and demat details. Use the applicant’s correct PAN and active demat account details. Check that the name and identifiers match the depository record and that the account can receive shares in demat form. SEBI’s investor checklist
- Choose an allowed channel. Apply through an eligible SCSB for bank ASBA, or through an authorized intermediary using UPI if you qualify. For UPI, use the applicant’s own bank account and linked UPI ID. Confirm channel support for this issue before submitting.
- Enter the bid and submit before the issue closes. Follow the issue’s application instructions for bid quantity and price or cut-off selection. Make sure enough funds are available to cover the amount that must be blocked. Keep the application acknowledgement. SEBI’s investor checklist
- Complete the UPI mandate, if you used UPI. Watch the correct UPI app for the sponsor-bank request. Accept it within the stated window, authorize it with your UPI PIN, then check that the amount was blocked. An unaccepted mandate or failed block can leave the application incomplete. SEBI issue prospectuses
- Check the application and mandate status. Use the status tools provided by the intermediary or exchange for that issue, and retain the acknowledgement for reference. SEBI’s investor checklist
Common problems that can invalidate or delay an application
- Using someone else’s bank account or UPI ID: the account and UPI ID should belong to the applicant. SEBI UPI guidance
- Entering mismatched details: errors in PAN, demat or UPI details can prevent the application from being processed correctly. Check them against the applicant’s records before submitting. SEBI’s investor checklist and issue prospectuses
- Using an unsupported provider or app: an intermediary, bank or UPI handle must be supported for the issue. Verify it against SEBI’s current guidance and the offer document. SEBI UPI guidance
- Not having enough available funds: the account needs sufficient available balance for the amount to be blocked. SEBI’s investor checklist
- Stopping after bid submission: for UPI applications, accept the mandate and verify the block by the issue’s deadline. SEBI issue prospectuses
- Applying after the close or missing the issue cutoff: follow the specific issue’s bidding and mandate deadlines; the cutoff is not necessarily the same across IPOs. NSE issue information
Does either route guarantee IPO allotment?
No. ASBA and UPI describe how an application is submitted and the application money is blocked; neither route guarantees that shares will be allotted. The issue’s allotment process and demand determine the outcome.
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