To ensure smooth transition to UPI in ASBA (Application Supported by Block Amount) and in the back drop of the representation received from various stakeholders. It has been decided to extend the timeline for implementation of Phase I by 3 months i.e. till June 30, 2019. However, the timeline for implementing phase 2 and phase 3 shall remain unchanged from the date of completion of phase 1. Currently, retail investors either invest in an initial public offering (IPO) through bank ASBA or through broker ASBA, where the broker does the bidding and hands over the application form to the investors’ bank. With the UPI mechanism, the existing process of physical movement of forms from intermediaries to banks for blocking of funds will be discontinued.
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