When the bank will need money in my account to lock for IPOSmart payment option?
Bank will need the money in investor’s account at the time of placing the bid for IPO shares through IPOSmart 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.
