If your Indian IPO application receives no allotment, you usually do not need to request a conventional refund: the application amount was generally blocked rather than paid away. What happens next depends on whether you applied through ASBA or a UPI mandate. Check the allotment result and your bank or mandate status separately; if funds remain blocked past the applicable release point or were wrongly debited, contact the parties handling the application.
First confirm whether you received an allotment
Check the allotment status through the official route identified for that IPO, such as its registrar or an exchange-linked status page. A missing SMS or email is not proof of non-allotment: SEBI notes that allotment communication is separate from notification of a bank debit in its April 2022 FAQ on UPI in ASBA.
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Then check the account or mandate itself. A non-allotment result and the release of a blocked amount are separate things to verify.
What happens to your money depends on how you applied
| Payment route | What happens to the application amount | What to check after non-allotment |
|---|---|---|
| ASBA | The application amount is blocked in your bank account. If shares are not allotted, a conventional refund is not required, according to SEBI Investor’s ASBA guidance. | Check the ASBA account for a continuing block and confirm the IPO’s allotment status. |
| UPI mandate | The mandate blocks funds. If no shares are allotted and no amount is debited, SEBI says the funds are unblocked or reinstated when the mandate expires, according to its April 2022 UPI in ASBA FAQ. | Check the mandate status and expiry, as well as your bank account for an unexpected debit or a continuing block. |
Check for a delay or an incorrect debit
There is no single calendar release date to apply to every IPO application. The relevant issue dates, your payment route and, for UPI, the mandate expiry determine when to check. Use the issue notice and the current bank or UPI status rather than assuming a universal deadline.
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If an amount was debited, compare it with the value of shares actually allotted. SEBI’s UPI FAQ says an investor can complain if more than the allotment value was debited. Include the Unique Mandate Number and application details so the relevant parties can trace the transaction.
Contact the parties that can trace the application
For an offer-related grievance, SEBI’s offer guidance identifies the Registrar to the Offer and the designated intermediary through which you submitted the application. The registrar and contact details vary by IPO, so use that issue’s offer documents. Depending on the problem and payment route, SEBI’s UPI FAQ also lists the UPI app, bank, registrar to the issue (RTA), merchant banker or submitting intermediary as possible complaint channels.
Include enough information to identify the application and payment: first bidder’s name, application or ASBA number, DP ID and Client ID, PAN, address, number of shares applied for, application date, and ASBA account number or UPI ID. For a UPI issue, include the Unique Mandate Number. Keep the application acknowledgement, mandate notification, relevant screenshots and bank statement entries.
Escalate an unresolved complaint through SCORES
- First raise the complaint with the concerned company or intermediary and retain the complaint reference and any reply.
- If the response does not resolve the issue, lodge and track a complaint through SEBI’s SCORES grievance guidance.
SEBI’s guidance states that entities receiving a SCORES complaint are required to file an Action Taken Report within 30 days of receiving it. That is the entity’s reporting timeframe, not a guarantee that your funds will be released or the dispute resolved within 30 days.
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