SEBI WIDENS ASBA WINDOW TO HNIs
According to SEBI, application supported by blocked amounts (ASBA) method for payment for initial public offerings and rights issues will be extended to high net worth individuals (HNIs) and to corporate investors from 10th January 2009. The ASBA facility is currently available only to retail
investors. Here the application money for share in a public issue is blocked in the applicant's bank account till allotment. The banks which offer such facilities are approved by SEBI as self-certified syndicate banks (SCSBs). The-restrictions placed on investors under ASBA phase-I that only investors can apply at cut-off, that there will be not more than one bid and that bids cannot be revised will no longer be there under ASBA phase II.
investors. Here the application money for share in a public issue is blocked in the applicant's bank account till allotment. The banks which offer such facilities are approved by SEBI as self-certified syndicate banks (SCSBs). The-restrictions placed on investors under ASBA phase-I that only investors can apply at cut-off, that there will be not more than one bid and that bids cannot be revised will no longer be there under ASBA phase II.
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