My father works in LIC. I want to apply for IPO using his demat account since there is an employee quota (to increase the chance of allotment).
Where is the option to apply under employee quota? I don’t see any such option.
Also how does SEBI/zerodha verifies if the person is indeed an employee?
Also is it possible to fund broker account from my personal bank account and receive shares directly in my personal demat as the son of employee to limit the hassle for my father since he doesn’t even have a demat account as of now?
The option to apply under employee quota will be available on Console. The IPO opens for subscription on 4th May.
The validation is done by the RTA. LIC would’ve provided the RTA to the issue with necessary employees details, who will validate applications based on PAN during the allotment and will reject any invalid applications.
Application form third-party account will likely get rejected. Would suggest you open an account on your father’s name and apply through it. The account opening process is completely online, you can check it out here: How to open a Zerodha account online?
Is the verification instant, or same-day, so I can re-apply in case of any issue? Or do I have to wait until the IPO is closed to know about the successful verification?