Applying for IPO from same bank UPI but different PANs and De-mat

General
1

Hello there,

I have multiple Demat accounts of multiple family members with separate PANs. But recently I have started to keep funds in one account and when applying for IPO I just use UPI Id of that account and mandates for all De-mat account show up at one place.

This has been very convenient as I don’t have to get every family members phone and accept the mandate I can do it at one place. Also, i dont have to move funds from one account to another.

But, I haven’t gotten any allotment since i have started doing this.

It may be my application is being rejected or just my LUCK.

But I want to make sure is this an acceptable way?

Kindly do let me know.

Thanks

2

The bank account mapped to the UPI ID should be that of the person applying for the IPO. The IPO application will be rejected if a different UPI ID is used. While the applications are validated RTAs look at PAN of the bank account holder vs the PAN of the applicant.

3

Thank you for the info. Where can I read more on this?

4

Found this:https://www.npci.org.in/what-we-do/ipo/faqs .Will share if I find more details elsewhere.
Specific to your question:

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Technically you are third party in relation to the applicant