SEBI notifies a new reporting format to be submitted by the SCCBs

Circular No. SEBI/HO/CFD/DIL2/CIR/P/2022/51, April 20, 2022

Earlier the SEBI vide Circular No. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 (March 21 circular), had put in place measures to have a uniform policy to further streamline the processing of the ASBA applications through UPI process among intermediaries/ Self-Certified Syndicate Banks (SCSBs).

As per the March 21 circular “SCSB’s shall ensure that the unblock for non-allotted/partial-allotted applications is completed by the closing hours of bank day on BOA+1. SCSB’s shall submit the confirmation on the same, to Lead Managers and RTA, not later than BOA+1. Such report shall be submitted as per the format prescribed in Annexure IV.”

SEBI has reviewed the performance of SCSBs on timely unblocking of application amounts and based on the feedback received from market intermediaries notified “a new reporting format” to capture the data of all ASBA applications unblocked by SCSBs and their corresponding date of actual unblock.

The format as prescribed in Annexure IV of the March’21 circular has been devised.

Further, in order to streamline the processing of ASBA applications made through UPI process , the SEBI has decided that the Self Certified Syndicate Banks (SCSBs) /UPI Apps eligible for Public Issues shall send SMS Alerts to Investors for all ASBA applications and may also provide the Invoice in the Inbox as an additional feature to verify the UPI mandate details.

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