Why is my IPO application rejected in Zerodha?

Main Reasons for Rejection:

• UPI Mandate Not Approved: The most common issue is not accepting the UPI mandate in your UPI app (like Google Pay or BHIM) or entering the wrong PIN.
• Multiple Applications (Same PAN): Multiple IPO applications with the same PAN will be automatically rejected by the exchange, even if submitted through different brokers.
• Wrong UPI ID: Entering an incorrect or invalid UPI ID in the application form.
• Third-Party Bank Account: The bank account for the UPI mandate must be in the same name as the Zerodha account holder.
• Insufficient Funds: A bid will be rejected if the bank account lacks the required amount.
• KYC Issues: Applications are rejected if the PAN is unverified or “on hold” at the KRA.

How to Avoid Rejection:

• Check your UPI app for a mandate request right after applying.
• Make sure your PAN name matches your bank account name.
• Ensure your bank account has enough funds.
• Use your own UPI ID.
• For SME IPOs, don’t apply more than once.