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IPO FAQs » IPO Refunds FAQ's

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IPO Frequently Asked Question(s) provide answers to commonly asked questions about IPO’s in Indian Stock Market. This IPO FAQ Category helps IPO investors for their better understanding of IPO’s and to resolve their quires.

We welcome you for your comments to improve answers of the questions asked in this category. Please feel free to post comments. We appreciate your participation in building this page simple, easy to understand, relevant and correct information provider to the Indian Investor Community.

If you don't find answer of your question, do not hesitate to ask our expert team by clicking 'Ask your question' link on the top of this page.

<< Check out all FAQ's about IPO's


How many days it takes to get refund of an IPO?

It usually takes 3 to 10 days to get IPO refunds after IPO allotments are done by the registrar of the IPO. It also depends on how you are getting the refunds. Refunds are usually process through two different ways:

  1. Electronic Clearing Service (ECS): Also known as direct deposit in bank account, this method is quickest, most convenient and hassle free. In ECS the refund amount is directly deposited in your bank account which is available immediately.
    ECS is available only in few cities in India and also depends on the choice of registrar.
  2. Cheques: Cheques are conventional way of sending refunds. This method takes a little longer as cheques takes few days to clear. Usually cheques send through registered post through post office and takes 3 to 5 days to receive it.

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Why am I not receiving my IPO refunds through ECS?

ECS (Electronic Clearing Service) or direct deposit in bank account is become a popular way of getting refunds these days. They are fast, cheap and easy to process. From Jan 2006 SEBI permitted use of ECS for IPO refunds. They started with 15 big cities and slowly moving to other cities. Below are few facts about ECS:

  • It's not mandatory for IPO Registrar to send refund amount through ECS.
  • It's up to a registrar to choose city in which they want to send money through ECS and send remaining refunds through registered post.
  • Even if registrar issued ECS in your city, it's possible that the bank information you provided is not correct and you may not get refund through ECS. In case of wrong or incomplete bank account information, registrar sends the refund through cheques.
  • For ECS, your bank account should be in the city where registrar is issuing refund through ECS.

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What should I do to make sure I get refund through ECS?

The applicants are required to ensure that bank details including MICR code (9 digit code which appears in the cheque) maintained at the depository level are updated.

If you are not getting refund, check the bank information you provided in your IPO application form. If you are applying IPO's online though an online stock broker, make sure that he has correct information of your bank account.

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I have an online trading account from where I apply in IPO’s. Will my IPO refunds automatically send to my bank account every time?

No, registrar's doesn't give you guarantee of ECS. ECS is only available in certain cities. It also depends on the choice of registrar to send refund through ECS or cheques.

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What should I do if I do not get IPO Refund?

Registrar of the IPO is responsible for processing IPO applications. This includes allotment and refund processing. The issuer company, lead manager or broker are not responsible for this and should not be contacted for the same. If someone is not received IPO refund, there are few easy step which one can follow to get IPO refund.

1. Visit Registrar's local office or call your nearest branch to file a written complain. Make sure that you have a written application ready with all the detail before contacting Registrar's office.You can get the registrar's contact information on IPO detail page of our site.

2. You can send the following information to registrar through an email.

Problem statement -
Company Name -
Application Number -
Applicant Name -
Number of Shares Applied -
Applicant Amount -
Cheques Number -
Bank Name -
Depository Client ID -

3. File your complain online with ‘SEBI' using following steps:

    A. Click the below link in browser:
    B. Fill the required info and submit the form.

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How do I file complain to SEBI for IPO refund issues and IPO allotment related issues?

For IPO investors having difficulties receiving IPO refund or IPO allotment and registrar of IPO not responding, SEBI introduced an online complain management system.

Please note: Before filing complain with SEBI, make sure that you have tried contacting registrar of the IPO for allotment or refund related problems. Registrar of the IPO is responsible for processing IPO applications. This includes allotment and refund processing. The issuer company, lead manager or broker are not responsible for this and should not be contacted for the same.

To file complain with SEBI, click the below link and fill the form.

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More IPO FAQ  List of all IPO Investment related Frequently Asked Questions (FAQ's)

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