Answer
No, an investor must have a bank account with one of the Self Certified Syndicate Banks (SCSBs) authorized by SEBI to use the ASBA payment option. The core functionality of ASBA relies on the bank’s capability to electronically block funds and manage the application process as per SEBI guidelines. In case your current bank is not listed as an SCSB, you have two primary options:
- Open a new bank account with any listed SCSB.
- Check if your Trading-cum-Demat account provider (like ICICIDirect, Zerodha, etc.) offers a UPI-based ASBA facility. They can sometimes bypass the strict SCSB requirement for the bank account itself; your UPI-linked bank need to support the transaction limit.