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How many applications we can bid for an IPO through UPI from one account (according to the new rule of SEBI)?

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As per the SEBI Circular - Revised IPO rules for UPI, page 6 says:

In order to ensure parity across the various channels for submitted applications, it has been decided that an investor making application using any of the aforesaid channel, shall use only his / her own bank account or only his / her own bank account linked UPI ID to make an application in public issues.

It means once the UPI is fully implemented only 1 IPO application will be allowed per bank account. Also, the bank account should belong to the same person who is applying for IPO. This is unlike earlier where banks like SBI use to allow 5 application from one bank account, the new rule will allow only 1 application per bank account in an IPO.

This new rule will put a lot of hardship to Minor Account where online transaction banking is not allowed by most of the banks. It will also make it difficult for investors who apply for 1 application on each family member's name using the same bank account to increase the chance of allotment in an IPO.


6 Comments

6. Mangesh  Jul 29, 2021 08:29 I Like It. | Report Abuse Reply
If I have my own 5 accounts in different brokerage then I m able to do ipo application is it possible??
5. Madhu  Mar 18, 2021 07:05 I Like It. | Report Abuse Reply
UPI-Mandate for Rs 14960.00 could not be cancelled due to UM9.

Is any know how to deal this , pls help
4. Amolak Singh  Mar 5, 2021 05:23 I Like It. | Report Abuse Reply
I want to use my pnb account for ipo application through UPI but my registered account in demat account is sbi , what to do?
Both account are joint account with my wife,
Can I successfully apply ,and get allotment
3. MANOJ KUMAR SAINI  Mar 4, 2021 11:09 I Like It. | Report Abuse Reply
I have UPI ID of an Joint account with my wife, from this account I am applying IPO applications in both ID's of us by using single UPI Id. Same account is also not liked with my broker but I am receiving allotment in my account.

I want to know that that I am applying correct or note and it it the reason for no allotment in wife's account is that she is second holder of account.
2. pranay agarwal  Sep 23, 2020 09:28 I Like It. | Report Abuse Reply
i have an sbi account and used to apply for ipos through it , and was able to bid 5 applications in rii category from one account , can i still be able to do that?
will my applications from sbi be considered since the upi has become mandatory ??
1. SHIV NARAIN GARG  Apr 27, 2019 15:05 I Like It. | Report Abuse Reply
Submitting IPO application through net banking and blocking funds via ASBA was the best method .Blocking funds via UPI is not at all understood
Why SEBI is un-necessarily harassing retail IPo investors. What extra benefit in UPI mode over ASBA is not all understood
1.1. Team Chittorgarh.com  Apr 27, 2019 19:53 I Like It. | Report Abuse
Dear Mr. Shiv,
With UPI as the only payment method, SEBI is trying to reduce the time of listing from current 7+ days to 3 days. This has many advantages:

1. Reduce cost for investors as most HNI and FII clients loan the money to invest in IPO and pay interest.

2. Reduce the cost for companies coming up with IPO as it takes less number of days to raise the funds.

3. Reduce the risk for companies and investors in terms of market moments. The risk is higher when the IPO is open for a longer duration.

But the challenge with UPI is, the infrastructure is not yet ready. Once implemented corrected, it will be huge benefit to everyone.


Find more questions on this topic

  1. What is UPI?
  2. What is UPI PIN?
  3. What is UPI in IPO?
  4. What happens when an IPO request through IPO has expired?
  5. Will the net banking based ASBA process for IPO completely stop after UPI phase 1?
  6. How does UPI help me?
  7. What is VPA (UPI PIN, UPI ID or UPI Code)?
  8. How do I open UPI Account? How do I register to UPI?
  9. How to use UPI with ICICI Bank?
  10. From when can I use UPI as a payment option in IPO?
  11. Can I submit the IPO application with UPI with my broker?
  12. Up to what limit a retail investor can I apply for an IPO in UPI?
  13. What if my bank is not providing UPI service for IPO?
  14. How do I select UPI as the payment option while applying for IPO?
  15. Can I use third party UPI ID or a third party bank account for making payment in IPO?
  16. What if I by mistake decline the UPI collect request to block funds for IPO?
  17. What if I do not want to proceed with the UPI IPO application? Can I withdraw my bid?
  18. What if I get a technical error on the UPI App while accepting the IPO request?
  19. Will I be notified when the bid is successfully placed for IPO using UPI?
  20. What happens if I don't get a blocking request from the broker on the UPI id entered in the application form?
  21. What if I input wrong UPI PIN while authorizing the request from IPO?
  22. Can I modify/cancel an IPO request made using UPI by visiting my bank branch?
  23. Is there any timeline by which I need to act upon the block request from UPI for IPO?
  24. How do I know that the UPI block request from IPO is not fraudulent?
  25. What if my amount is blocked twice for a single IPO request using UPI?
  26. What happens if I deregister from the UPI App after accepting the IPO request?
  27. What happens if I do not have sufficient balance in my bank account while accepting the IPO blocking request through UPI?
  28. Can I use the same UPI PIN for accepting the IPO block request?
  29. How many times do I need to input UPI PIN for creating and processing the IPO block request?
  30. To whom should I approach if I have some issues with the IPO block request, my bank or my broker?
  31. How do I know if my bank is providing IPO services through UPI?
  32. Can I modify the bid quantity, price, block amount, etc., when I UPI receive a block request for IPO?
  33. Till what time I can authorize the modification UPI request for IPO?
  34. Till when can I revoke an IPO mandate request through UPI?
  35. What does revoking an IPO request through UPI mean?
  36. What happens if revoking of an IPO though UPI fails due to technical error?
  37. What happens if I get partial allotment for IPO applications through UPI? Will my money be unblocked for the remaining shares?
  38. What happens if I do not get any shares but my money remains blocked when applying IPO through UPI?
  39. What are the steps in UPI IPO process in India?
  40. How do I get the UPI ID for a Minor Account?