Answer
Yes, an investor is permitted to cancel or withdraw their IPO application (or bid) submitted through an SCSB using the ASBA payment option. However, this withdrawal is only possible during the IPO bidding period (i.e., before the issue closing date).
The process for cancellation typically involves submitting a withdrawal request to the SCSB or through the online banking portal used for the initial application. The block on the application money is immediately removed after successful withdrawal.