SEBI vide circular CIR/CFD/DIL/8/2010 dated October 12, 2010 has allowed syndicate/ sub-syndicate members to collect ASBA forms from the investors and to submit it to Self Certified Syndicate Banks ("SCSBs"). Earlier only SCSBs were allowed to collect ASBA forms, while the syndicate/ sub-syndicate members collected the non-ASBA forms. Under the new scheme syndicate/ sub-syndicate members would be required to upload the bid and other relevant details of such ASBA forms in the bidding platform provided by the stock exchanges and forward the same to the respective SCSBs. SCSBs should carry out further action for such ASBA forms such as signature verification, blocking of funds etc. and forward these forms to the registrar to the issue.
A copy of the circular is available here.
More on ASBA process (previous posts):
SEBI extends ASBA facility to QIBs
ASBA Phase II – Facility extended to HNIs and corporate investors
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