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1. Rajat Jindal   I Like It. |Report Abuse|  Link|Jan 30, 2019 6:43:24 PMReply
@Admin Only 1 application against one UPI will be a huge setback for those retail investors who apply on different pan cards of family. Is there any possibility that this rule would be done away with?
1.1. Team Chittorgarh.com   I Like It. |Report Abuse|  Link|Jan 31, 2019 9:35:48 AM
Yes, that's true.

Broker association is in discussion with SEBI to reconsider this limitation.

We don't expect any change in the policy from SEBI in near future. The only way we see SEBI may reconsidering this is when few IPO fail because of low subscription.

This ruling will also affect grey market activities as the number of applications will reduce. Many people who apply in multiple accounts usually sell them in the grey market.

It will also affect the small issues (mainly SME) where the promoters and the lead manager manages to get local support to apply in IPO. They ask their known once to apply through multiple applications in the promise to adjust the profit/loss in cash or through other favors. Its illegal practice but many SME IPO's uses it to sail through the IPO process.