What are the basic requirements to apply in an IPO using ASBA process?

Following are the basic requirements for applying through ASBA payment mode:

1. Only retail individual investors have ASBA facility at this time.
2. The bank where investor has account should be a ‘Self Certified Syndicate Banks (SCSBs). The list of the SCSB's will be available soon on SEBI's website. For more detail about SESB's, read the questions below.
3. An investor can only apply at cut-off price. Once submitted the bids cannot be revised. Investors are allowed to withdraw the application before issue gets close.
4. The application amount (total bid amount) for IPO application will remain locked until allotment is done. An investor cannot withdraw the money in locking period.