3 banks submit self certification for ASBA

Written by Markets Bureau | Mumbai, Aug 28 | Updated: Aug 30 2008, 04:40am hrs
In what could be seen as definitive move towards making the Applications Supported by Blocked Amount (ASBA) process effective, the Sebi has announced that it has received self certification applications from three banks.

Sebi, on July 30 2008, had introduced a new mode of payment in public issues wherein the application money remains in the bank account till allotment in the public issue. And this required the banks to be Self Certified Syndicate Banks under the ASBA process guidelines. Once the banks submit this self certification, their names would be included in Sebis list of Self SCSBs and thereafter, these SCSBs would be eligible to accept ASBAs in public issues.

The three banks that have submitted their self certification are, Corporation Bank,Union Bank of India and HDFC Bank. Names of these banks have been included in the list of SCSBs and details of the branches of these banks where the public issue application forms from the customers of the respective banks, can be accepted, are also available on www.sebi.gov.in.