The Securities and Exchange Board of India, or Sebi, has proposed an alternative payment mode for share issues, reports CNBC-TV18. The proposed ASBA, or Applications Supported by Blocked Amount, system will allow application money to stay in investors' accounts till finalization. Retail investors bidding at the cut-off price can apply through SCBs. Self certified syndicate banks would accept applications and block funds.
SCBs will unblock funds on finalisation of share allotment.
Source: Moneycontrol.com
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