Who are Self Certified Syndicate Banks (SCSBs), and how can I check if my bank supports ASBA?

The ASBA process involves a clear flow:

1. Application Submission: The investor submits the ASBA application form to the SCSB (either physically at a branch or electronically through Internet Banking, also known as the R-WAP facility). The application includes the bid quantity, price, PAN, and Demat account details.
2. Fund Blocking: Upon receiving the application, the SCSB verifies the details. The bank then places a lien (a temporary hold) on the amount required for the application in the investor’s bank account. This amount is ‘blocked’ but remains in the account.
3. Bid Upload: The SCSB uploads the investor’s bid details to the stock exchange platform.
4. Allotment Process: After the offer closes, the Registrar to the Issue processes all applications and finalizes the share allotment.
5. Debit/Unblock:

Successful Allotment: The bank debits the necessary amount from the blocked funds and transfers it to the issuer. The shares are simultaneously credited to the investor’s Demat account.

No Allotment or Partial Allotment: The block is removed from the unallotted amount. The unblocked funds become immediately available for the investor’s use.