- Accept application
- Verify application
- Block funds to the extent of bid payment amount
- Upload the details on the web-based bidding system of the exchange
- Unblock once the basis of allotment is finalised
- Transfer the amount for allotted shares to the issuer
Earlier Qualified Institutional Buyers were not allowed to participate in IPOs through ASBA facility. Currently as per SEBI guidelines, all three categories of investors, i.e., Retail Investors, Qualified Institutional Buyers, Non-Institutional Investors, making application in public/rights issue shall mandatorily make use of ASBA facility.