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1. Kris   I Like It. |Report Abuse|  Link|August 6, 2008 7:36:35 PMReply
Dear Motabhai,
Please find the answer of your question below:

1. Bank who are 'Syndicate members' for specific IPO will accept physical forms as usual. This is an existing process.

2. Only SCSBs at specific branch or online can accept application with ASBA payment option chose. Investor should have account with the bank to avail this facility.

3. If SCSB is also 'the Syndicate member' for the specific IPO, they will accept the IPO forms with other payment options.

4. Syndicate members without ‘SCSB’ status can not accept IPO Application with ‘ASBA payment option.

Example:
A. Suppose you have an account with XYZ Bank, XYZ bank has SCSB status from SEBI and XYZ bank is not the syndicate member of ABC IPO.

In this case you can submit your IPO bid using ASBA method with XYZ bank but they will not accept your application form with other payment option i.e. cheque.

B. Now suppose XYZ1 Bank is the syndicate member for the ABC IPO but not having SCSB status, they will accept physical application form with cheque but you cannot use ASBA payment option.

Hope this will clarify your doubt. Feel free to reply back in case of further questions.

Kris