When the banks will need money in customers account to lock for ASBA payment option?

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Bank will need the money in investor's account at the time of placing the bid for IPO shares through ASBA payment option. SEBI has clearly instructed that banks will not accept IPO application before blocking the bidding amount (for ASBA process).

The amount will remain locked until registrar / stock exchange request bank to release the fund either because the investor didn't receive the allotment, IPO application got rejected or investor withdraw the IPO application.