How does ASBA score over the erstwhile Stock Invest scheme?

The Sebi and RBI had earlier introduced a scheme for people applying to an IPO, called Stock Invest, where money used to be kept in a FD account with a bank and banks used to issue an instrument called Stock Invest, which was treated at par with cheques/draft. Under this system, full money of the Stock Invest instrument was encashed even in cases where full allotment was not made. This resulted in blocking of entire money of the applicant in cases where part allotment was made.

Moreover since refund orders were posted through physical mails it used to take a very long time for the applicants to get their refunds. Whereas, under ASBA only amount in respect of shares allotted to you is debited from your bank account. This scheme was discontinued in 2003.

So register yourself online with your bankers for availing the ASBA benefits for not only participating in an IPO but also earning interest on your savings bank amount. The writer is CFO, ApnaPaisa.com, a price comparison engine for ... more.

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