Securities and Exchange Board of India
Dated: July 26, 2019
Recognized Stock Exchanges Depositories
Registered Stock Brokers Registered Merchant Bankers
Registered Registrars to an Issue and Share Transfer Agents
Registered Depository Participants Registered Bankers to an Issue National Payments Corporation of India
Dear Sir / Madam,
Sub: Streamlining the Process of Public Issue of Equity Shares and convertibles- Implementation of Phase II of Unified Payments Interface with Application Supported by Block Amount
1. This refers to SEBI circular No. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018, vide which SEBI had introduced the use of Unified Payments Interface (UPI) as a payment mechanism with Application Supported by Block Amount (ASBA) for applications in public issues by retail individual investors through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants), with effect from January 1, 2019. Implementation of the same was to be carried out in a phased manner to ensure gradual transition to UPI with ASBA.
Implementation of Phase II
2. Accordingly, Phase II of the aforesaid Circular dated November 01, 2018 has become effective from July 1, 2019. Thereafter, for applications by retail individual investors through intermediaries, the existing process of, investor submitting bid- cum-application form with any intermediary along with bank account details, and movement of such application forms from intermediaries to Self-Certified Syndicate Banks (SCSBs) for blocking of funds, has been discontinued i.e. Channel III at Para 5.1 of Circular dated November 01, 2018 has been For such applications only the UPI mechanism would be the permissible mode i.e. Channel IV at Para 5.1 of the said Circular.
Status of SCSBs on UPI
3. Applications through UPI in IPOs can be made only through the SCSBs / mobile applications (apps) whose name appears on the SEBI website – sebi.gov.inat the following path:
Home > Intermediaries/Market Infrastructure Institutions > Recognised Intermediaries > Self Certified Syndicate Banks eligible as Issuer Banks for UPI
A list of SCSBs and mobile application, which, as on the date of this Circular, are live for applying in public issues using UPI mechanism is provided at Annexure ‘A’ The said list shall be updated on SEBI website.
An investor shall ensure that when applying in IPO using UPI, the name of his Bank appears in the list of SCSBs displayed on the SEBI website which are live on UPI.
Further, he/she shall also ensure that the name of the app and the UPI handle being used for making the application is also appearing in the aforesaid list.
4. An application made using incorrect UPI handle or using a bank account of an SCSBs or bank which is not mentioned in the aforesaid list is liable to be rejected.
5. Investors whose bank is not live on UPI as on the date of this Circular, may use the other alternate channels available to them viz. submission of application form with SCSB or using the facility of linked online trading, demat and bank account (Channel I or II at Para 5.1 of Circular dated November 01, 2018).
6. Frequently asked questions (FAQs) regarding use of UPI with ASBA in public issue process can be accessed at the following path on the SEBI website – www.sebi.gov.in:
Home » FAQs » FAQs on Primary Market Issuances » Use of Unified Payments Interface (UPI) with ASBA in public issue process
7. All entities involved in the process are advised to take necessary steps to ensure compliance with this circular.
8. This circular is being issued in exercise of the powers under section 11 read with section 11A of the Securities and Exchange Board of India Act, 1992.
9. This circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” and “Issues and Listing”.
List of Self Certified Syndicate Banks on UPI 2.0*
|Sr. No.||SCSBs live on UPI 2.0||Mobile Application to be used by investor||UPI Handles active|
|3||Axis Bank Ltd||BHIM||@upi|
|BHIM AXIS Pay||@axisbank|
|5||Bank of Baroda||BHIM||@upi|
|6||Bank of India||BHIM||@upi|
|7||Central Bank of India||BHIM||@upi|
|9||Citi Bank N.A||BHIM||@upi|
|10||Citi Union Bank||BHIM||@upi|
|12||DBS Bank India Limited||BHIM||@upi|
|14||Dhanlakshmi Bank Limited||BHIM||@upi|
|15||GP Parsik Sahakari Bank Limited||BHIM||@upi|
|16||HDFC Bank Ltd.||BHIM||@upi|
|HDFC BANK MOBILE BANKING APP- ANDROID ONLY||@hdfcbank|
|HSBC SIMPLY PAY (ANDROID & iOS)||@hsbc|
|18||ICICI Bank Ltd||BHIM||@upi|
|ICICI BANK MOBILE BANKING APP (iMobile)-ANDROID ONLY||@icicibank|
|19||IDBI Bank Ltd.||BHIM||@upi|
|20||Indian Overseas Bank||BHIM||@upi|
|22||Janata Sahakari Bank Ltd.||BHIM||@upi|
|23||Karnataka Bank Limited||BHIM||@upi|
|24||Karur Vysya Bank Ltd.||BHIM||@upi|
|25||Kotak Mahindra Bank Ltd.||BHIM||@upi|
|26||Mehsana Urban Co-operative Bank Limited||BHIM||@upi|
|27||Oriental Bank of Commerce||BHIM||@upi|
|28||Punjab National Bank||BHIM||@upi|
|29||Punjab & Sind Bank||BHIM||@upi|
|30||RBL Bank Limited||BHIM||@upi|
|31||Rajkot Nagarik Sahakari Bank Ltd||BHIM||@upi|
|32||South Indian Bank||BHIM||@upi|
|33||State Bank of India||BHIM||@upi|
|SBI MOBILE BANKING APP -ANDROID ONLY||@sbi|
|34||SVC Co-operative Bank Ltd.||BHIM||@upi|
|35||Saraswat Co-operative Bank Limited||BHIM||@upi|
|36||The Ahmedabad Mercantile Co-Op. Bank Ltd.||BHIM||@upi|
|37||The Catholic Syrian Bank Limited||BHIM||@upi|
|38||The Federal Bank||BHIM||@upi|
|39||The Lakshmi Vilas Bank Limited||BHIM||@upi|
|40||The Surat People’s Co-op Bank Ltd.||BHIM||@upi|
|41||TJSB Sahakari Bank Ltd||BHIM||@upi|
|43||Union Bank of India||BHIM||@upi|
|44||United Bank of India||BHIM||@upi|
|45||YES Bank Ltd.||BHIM||@upi|
*As on July 26, 2019