Effortlessly Cancel/Withdraw IPO using ASBA through SCSB

When it comes to the ASBA (Application Supported by Blocked Amount), is an application that contains authorization from the SCSB. This ASBA is the application that helps investors with the approval of the SCSB. Once approved by SCSB (Self-Certified Syndicate Bank), the ASBA application is set to block funds in the current account or savings bank account of an investor in Online Stock Trading.  

Also, if an investor applies for the ASBA, the money shall be deducted from the bank account. However, this happens only when the applicant’s application gets selected in the finalized allotment. 

IPO Applications Supported by ASBA Facility

IPO Stock Market is a vast option. However, the ASBA facility is one of the best options for investors in case of any trouble. For example, an investor who requires authorization to block money applications needs this facility. It directly allows the blocking system in the bank account.

Who Are SCSBs?

SCSBs stands for “Self-Certified Syndicate Banks”. They are registered with the banks in the form of delivering SEBI services as per the guidance of ASBA. A Stock Trading Website contains this feature for investors.

Can I Cancel/Withdraw the IPO Application through SCSB?

Yes, an investor has a chance to cancel the application. SCSB allows all investors to take such steps without any issues. In online stock trading, you will get that option on every platform. An investor uses it as per their requisite time. 

When the cancel process is completed, you will have your blocked amount within one day when the cancellation process is completed. 

Can Bank Allow Me to Apply for An IPO through the ASBA Pay Option?

Yes, banks allow investors to apply for IPO. The selection of this process can be made through the ASBA pay option. 

This facility doesn’t claim any charge from the bank’s side. So, an investor can fill up the IPO application through ASBA and get all benefits at zero cost. This ASBA offers an interface that ensures the secure leave of your funds from the bank account. This happens at a condition, i.e., applicable for allotted shares in public issues. 

More on Cancel/Withdraw of ASBA Bid

A few pointers are mentioned below related to the ASBA bid:

  • Applicable for investments less than Rs. 2 lakhs. 
  • IPO bidding option is available from 10 am to 5 pm. 
  • Also, the cancellation form of an IPO holds the same timeline. 
  • Many banks don’t allow investors to cancel after 5 pm. 
  • It may require at least 24 hours to process the cancellation request. 

Final Thoughts!

An Online Share Broker can remove or cancel the IPO application using ASBA. 

An investor gets cooperation from the bank all the time for this cancellation process of IPO through ASBA.  Better And Secured Online Stock Trading Options Are Here – Join Shoonya Today!