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ASBA Public Issue
The Securities and Exchange Board of India (SEBI) introduced the Application Supported by Blocked Amount (ASBA) scheme with effect from 1st September 2008.
It enables investors in Public Issues to allot an amount for the application, while still retaining that amount in the SB account. It is an approved way of earmarking the amount, with a well laid out set of processes to take care of payment / refund depending on whether the application is successful or not, and to ensure that only the amount required for the allotted shares is actually debited.
The investor no longer needs to lose or get less interest on amounts paid with share applications, but can continue to earn interest on his balances with his bank until the actual amount is debited.
Union Bank was one of the few Banks which were able to make available the ASBA facility to its customers right from the day of its introduction, due to the technical capabilities of the Bank and looking to the inherent advantages of the scheme for the customer.
ASBA is a Simple, Safe and Smart way of applying in an eligible issue.