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IPO applications
against Blocked Amount (ASBA) |
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KCS Launches "SyABA"
Solution IPO Applications Supported by Blocked Amount
Solution
PRECURSOR
Evident from the market regulators (SEBI) sentiments to
enhance the existing public issue process into an efficient
transparent and seamless execution, KCS
has aligned and readied itself with - SyABA
comprehensive software that caters to the "Applications
Supported by Blocked Amount (ASBA)" initiative through
Self Certified Syndicate Banks (SCSB).
" SyABA" Solution
SyABA Portal provides for ASBA
investor to submit an ASBA physically
across the counter to the Banks Branches or electronically
through the internet banking facility, to the SCSB
with whom the bank account is to be blocked, is maintained.
SyABA provides for block of the
application money in the bank account specified in the
ASBA, on the basis of an authorization
to this effect given by the account holder in the ASBA.
The application money remains blocked in the bank account
till finalisation of the basis of allotment in the issue
or till withdrawal/ failure of the issue or till withdrawal
/ rejection of the application, as the case may be.
SyABA provides for the module where
the application data be uploaded by the SCSB
in the electronic bidding system through a web enabled
interface provided by the Stock Exchanges:
SyABA
provides for a module where the response acceptance from
the RTA once the basis of allotment is finalized, the
Registrar to the Issue appropriate request to the SCSB
for unblocking the relevant bank accounts and for transferring
the requisite amount to the issuer's account. In case
of withdrawal / failure of the issue, the amount shall
be unblocked by the SCSB on receipt of
information from the pre-issue merchant bankers.
SyABA provides for the details of the
transactions report and audit trail too would be maintained
for internal and external audit enquires if required. |
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