Ipo mandate could not be cancelled due to IR? What does it mean? and what to do

General
1

Hi, I received the message stating the IPO mandate could not be cancelled due to IR. Does anyone knows what does it mean and what to do? Money is not showing in the account

2

Hi Varun,

This is a technical error your bank has faced. We tried reaching out to the merchant banks to figure out what IR stands for. Although we could not find the answer, the bankers confirmed there is no actionable from the investors’ side. The bank will reattempt the cancellation.

3

Thanks mohit that is helpful but the amount is still not unblocked. Whom should I reach out or still wait a week?

4

The bank will reattempt this, but if the mandate end date has lapsed for the IPO and you still haven’t gotten the funds released, it might be best to write to the bank’s team and get a response on the ETA. There is an information doc from March 2020 where SEBI assigned a Rs 100 penalty for each day of delay.

image

Here is the complete information doc - link.

1 Like
5

Thanks Mohit, I will wait for the end date and then contact the bank.

Really appreciate all the help

6

@varun_10 did you got your money back?

7

Yes it did happen but took some time, the ipo mandate window is sometimes little big so could take upto 2 weeks

8

@varun_10 can you please tell me? What did you do for that. Same thing happened to me. I got SMS i.e, HDFC Bank: UPI-Mandate for Rs 14904.00 could not be cancelled due to REMITTER CBS OFFLINE.

1 Like
9

Same happened with me when i applied for Unicommerce ipo

10

Be patient it should get unblocked in few days

The bank will reattempt this, but if the mandate end date has lapsed for the IPO and you still haven’t gotten the funds released, it might be best to write to the bank’s team and get a response on the ETA. There is an information doc from March 2020 where SEBI assigned a Rs 100 penalty for each day of delay.

1 Like
11

Who is gonna bear this penalty, the bank the the company that’s getting listed, the site on which the i am checking for my allotment of shares?? Or someone else??

12

Today it happened with me. Did you get your money back?

13

Yes yes

14

Hi Raushan, have u got your funds unblocked then,
Actually I also receive the same nessage due to cbs offline