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What is the difference between the existing ASBA process and the ASBA Phase-II?
Other than the Retail Individual investors ASBA will be extended to the following categories of investors: Bodies Corporate - CO Non Institutional Investors (NII) - others (all entities other than QIBs Bodies Corporate and Individuals) - NOH Retail Individual Investors (RII) - (Individuals applying upto Rs. 2 lakh) as well as individuals/HUFs, Trusts etc. applying for more than Rs.1 lakh) - IND Employees - EMP Shareholders - SHA

After the successful launch of ASBA Phase I and a good market response for the same, amongst the retail investors, SEBI decided to extend this facility to other categories of investors also. Under Phase II, the ASBA facility will be extended to investors like High Net worth Individuals, Bodies Corporates and NIIs (Non-Institution Investors) with option to give price bids and revise and withdraw their bids during issue period with effect from 1st Jan 2010.
ASBA is now not available to Qualified Institutional Investors.
Price Bids and Multiple Bids to all categories of investors will be permitted i.e. instead of a single bid at cut-off the investors will have a facility to quote price bids not more than three under ASBA. In addition to the application cancellation facility, the investors will now have the facility to revise or modify their bids. These facilities will be available to all categories of bidders including retail investors.
No document validating the category of investors is to be submitted with the SCSB.
Investors will be permitted to revise and withdraw their bids till bid closure time.
Under ASBA Mode from a single bank account for a particular IPO not more than 5 applications can be made.