Syndicate ASBA process for IPO Bidding


May 17, 2011 6:29 IST | India Infoline News Service


Members and SCSB’s are hereby informed that SEBI vide its circular No. CIR/CFD/DIL/1/2011 dated April 29, 2011 has introduced new guidelines for IPO Bidding through the ASBA facility. This facility would enable the syndicate / sub-syndicate members to procure ASBA forms (hereinafter referred as “Syndicate ASBA”) from the investors, upload the bid and other relevant details of such ASBA forms in the bidding platform and thereafter forward the ASBA forms to the SCSBs.
SCSBs shall carry out further action for the ASBA forms such as signature verification, blocking of funds and forward the forms to the registrar to the issue. Further it has been also decided that non-retail investors i.e. Qualified Institutional Buyers and Non-Institutional Investors, making application in public/ rights issue shall mandatorily make use of the ASBA facility.
The facility would be initially available only at 12 shortlisted centers and would be applicable for all 41 shortlisted SEBI mandated ASBA Banks.
To enable the members to familiarize themselves with the new process and file formats, BSE has introduced testing for the same on its Web Based platform on the below mentioned link
Test issue: COALIND
Also attached are the revised member file formats for your reference. Members are requested to carry out the changes in their software and test the same on the new Web based platform. This new process shall be applicable for Red Herring Prospectus/ Prospectus / Letter of Offer filed with Registrar of Companies/ Stock Exchanges, as the case may be, on or after May 2, 2011.
In case of any queries/ clarification, you may contact the under mentioned officials:

Mr. Sandeep Pujari/ K Mohanan/Mahmood Moosa
22728376 /8525 /3105/8416

K. Mohanan                                                                         Sandeep Pujari
AGM – IT      operations                                                   Manager – IT operations

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