Securities and Exchange Board of India

SEBI/HO/CFD/DIL2/CIR/P/2019/85

Dated: July 26, 2019

To

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”.

Yours faithfully,

Annexure-A

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
1 Allahabad Bank BHIM @upi
2 Andhra Bank BHIM @upi
3 Axis Bank Ltd BHIM @upi
BHIM AXIS Pay @axisbank
4 Bandhan Bank   BHIM @upi
5 Bank of Baroda BHIM @upi
6 Bank of India BHIM @upi
7 Central Bank of India BHIM @upi
8 Canara Bank BHIM @upi
9 Citi Bank N.A BHIM @upi
10 Citi Union Bank BHIM @upi
11 Corporation Bank BHIM @upi
12 DBS Bank India Limited BHIM @upi
13 DCB Bank 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
17 HSBC Bank BHIM @upi
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
21 IndusInd 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
42 UCO Bank 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

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