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22/2/2018
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CDSC Implements C-ASBA from Today
2018-01-23
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CDS and Clearing has fully implemented C-ASBA. With the implementation, investors can now apply for any IPO, FPO and right shares from their convenient locations. The system will shorten share allocation process and bring uniformity in securities trading system.

Issuing a public notice, CDSC informed of implementing the system from today. According to CDSC, the C-ASBA will ensure centralized posting and verification of bank account numbers and D-mat account numbers, ease monitoring of double applications for issue managers and share registrars, cancellation of an application upon double applications and prepares a final report for securities allocation.

As per the directive, banks and financial institutions require verifying the D-mat accounts with bank accounts, provide registration number to customers, verification and entry of applications provided by customers, block the amount of the customers in their bank account as per the report of the software, debit or unblock the amount and posting in software accordingly.

Moreover, customers having bank accounts in C-ASBA registered BFIs can apply through the depository members in which they have accounts by the means of internet.

source: merolagani.com, 23 jan 2018

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