SEBI ASKS COs TO PAY ASBA FEE TO BANKS

In a move to promote Application Supported by Blocked Amount (ASBA), Securities and Exchange Board of India (SEBI) has clarified that in a public issue, companies will pay a commission to the bank, in addition to the broker, for facilitating this process. ASBA is an arrangement for retail investors where the money does not leave the public issue applicant's bank account till the shares are allotted to that person.