IPO applications against Blocked Amount (ASBA)
KCS Launches "SyABA" Solution IPO Applications Supported by Blocked Amount Solution
Evident from the market regulators (SEBI) sentiments to enhance the existing public issue process into an efficient transparent and seamless execution, KCS has aligned and readied itself with - SyABA comprehensive software that caters to the "Applications Supported by Blocked Amount (ASBA)" initiative through Self Certified Syndicate Banks (SCSB).
SyABA Portal provides for ASBA investor to submit an ASBA physically across the counter to the Banks Branches or electronically through the internet banking facility, to the SCSB with whom the bank account is to be blocked, is maintained.
SyABA provides for block of the application money in the bank account specified in the ASBA, on the basis of an authorization to this effect given by the account holder in the ASBA. The application money remains blocked in the bank account till finalisation of the basis of allotment in the issue or till withdrawal/ failure of the issue or till withdrawal / rejection of the application, as the case may be.
SyABA provides for the module where the application data be uploaded by the SCSB in the electronic bidding system through a web enabled interface provided by the Stock Exchanges:
SyABA provides for a module where the response acceptance from the RTA once the basis of allotment is finalized, the Registrar to the Issue appropriate request to the SCSB for unblocking the relevant bank accounts and for transferring the requisite amount to the issuer's account. In case of withdrawal / failure of the issue, the amount shall be unblocked by the SCSB on receipt of information from the pre-issue merchant bankers.
SyABA provides for the details of the transactions report and audit trail too would be maintained for internal and external audit enquires if required.