I want to apply for IPOs on behalf of my friends and family. All my friends or family members have not enabled UPI. However they have demat accounts. I have added them in my SBI Bank portal. Can I apply on behalf of them through SBI ASBA? Will they be accepted?
Where can I check these details?
IPO Applications should be made from the bank account of the demat holder. The registrar can mark the applications invalid if one applies using another’s bank account. However, if the validation isn’t performed, the application goes through.
It is best to avoid making a third-party application. In some cases like in an HUF where the Karta operates the HUF using their own account, the netbanking application window of SBI can be used to place an IPO bid for the HUF.
Here are the steps:
- After logging in, go to the IPO window:
- Select the IPO
- Enter your bid
Click here for details on how to place an IPO application using ASBA.