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You can apply for a rights issue through your bank’s ASBA facility, including internet banking when your bank provides online ASBA for that particular issue. You must be eligible on the record date, have the required savings account with the participating bank, and provide your PAN and demat details. ASBA blocks the application amount instead of immediately removing it from your account. After allotment, the amount for shares actually allotted is debited or transferred and any surplus is released.
What a rights issue is and who can apply
A rights issue is an offer by a company to sell additional shares to its existing shareholders. Eligibility is determined by whether you held the company’s shares on the record date stated in the letter of offer. The offer document also specifies how many new shares you may request for each share already held, the subscription price, application dates and the treatment of rights entitlements.
Being eligible does not require you to subscribe. You normally have three choices, subject to the terms of the particular issue:
- Subscribe: apply for all or part of your entitlement and, when allowed, request additional shares.
- Renounce or transfer: sell or transfer the rights entitlement during the permitted period if the letter of offer allows it. The entitlement is separate from the underlying company shares.
- Let it lapse: take no action. An unused entitlement generally expires, and your percentage ownership can fall because other investors receive the newly issued shares.
The record date, entitlement ratio, issue price, opening and closing dates, renunciation rules and allotment method in the letter of offer take precedence over general instructions. Read that document before opening your bank portal.
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What ASBA does to your money
ASBA means Applications Supported by Blocked Amount. Instead of sending the application money away when you submit the form, the Self Certified Syndicate Bank (SCSB) places a hold on the specified amount in your linked savings account. You continue to see the funds in the account, but the blocked portion cannot be used for another payment while the application is being processed.
SEBI’s ASBA guidance describes the authorization in these terms: “The SCSB shall then block in the bank account, the application money specified in the application, on the basis of an authorisation to this effect given by the account holder in the application.”
The usual money flow is:
- You submit the application and authorize the SCSB to block the application amount.
- The bank verifies the form, account and available balance, then places the hold.
- When allotment is finalized, the amount due for the shares allotted is debited or transferred.
- Any amount not needed, including funds for shares not allotted, is unblocked.
If you receive no shares, the full blocked amount should be released. With a partial allotment, only the amount payable for the allotted quantity is retained. The issue’s registrar, bank notices and the letter of offer determine the operational dates; do not assume that the release occurs on the closing date itself.
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Can you apply through net banking?
Yes, but only when both conditions are met: your bank is an SCSB in which you hold the required savings account, and that bank has enabled internet ASBA for the specific rights issue. SEBI permits an electronic ASBA application through internet banking where the SCSB offers the service. Some banks also accept a physical ASBA form at a branch.
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Bank menus differ. The function may appear under a heading such as IPO, ASBA, Investments or Rights Issue. An issue can be visible in one bank’s portal and absent from another. A bank’s general ability to process ASBA does not guarantee that every issue will be listed online.
| Application route | What you need | What to verify |
|---|---|---|
| Internet ASBA | Internet-enabled savings account with an SCSB, transaction rights, PAN and demat details | That the exact issue is listed and the bank’s submission cut-off is still open |
| Physical ASBA | ASBA application form and an eligible savings account with the SCSB | Branch acceptance, form-completion requirements and the issue’s closing time |
For example, bank documentation for an online ASBA service requires an internet-enabled account with transaction rights. Your own bank’s current instructions control the login path and authorization method.
Information to collect before you start
Keep the letter of offer and your demat account information open while applying. Confirm each item below rather than relying on a previous issue or an old form.
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- Eligibility: your holding on the stated record date.
- Entitlement ratio: the number of rights shares available against your eligible holding.
- Issue price: the amount payable per share, including any issue-specific payment terms.
- Dates: issue opening and closing dates, the final time accepted by your bank, and any separate deadline for renunciation, modification or payment.
- Renunciation rules: whether the rights entitlement can be transferred or traded, and the permitted method and period.
- Additional shares: whether you may request more than your basic entitlement and how such requests are handled.
- Identity and account fields: PAN, demat beneficiary account details and the bank account from which the hold will be placed.
- Application reference: a way to save or print the acknowledgement number after submission.
Use the company name, issue name and dates exactly as shown in the offer document. If your bank displays a similar-looking issue, stop and confirm the details before authorizing a block.
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Step-by-step: apply through internet banking
- Read the letter of offer. Note your entitlement, the price, the opening and closing dates, additional-share conditions and any renunciation or transfer deadline. Decide whether you will subscribe, request additional shares or use another permitted option.
- Choose the correct bank account. Use a savings account held with an SCSB that supports online ASBA for this issue. Check that internet banking is active and that your profile has transaction rights. The account must have enough unblocked funds for the amount you authorize.
- Sign in through your bank’s official internet-banking site. Open the bank’s IPO, ASBA, investment or rights-issue area. Do not use a saved link from an earlier issue if the bank has changed its portal; sign in through the bank’s normal channel.
- Locate the issue. Select the rights issue and match the company name with the letter of offer. If it is not listed, check whether the bank supports the issue online, whether the issue has opened, and whether the bank’s submission window has closed.
- Enter the application details. Provide the quantity within your entitlement, and request additional shares only if the offer permits it. Enter your PAN and demat beneficiary details exactly as required. Some portals prefill account information; review every prefilled field.
- Calculate and review the amount. Check the displayed quantity, price and total application amount. Confirm that the amount covers the basic request and any permitted additional request. A typographical error can lead to a rejected application or an unintended block.
- Authorize the block. Submit the form and approve the bank’s authorization, which may involve a transaction password or another authentication step. The authorization instructs the SCSB to place a hold for the application money.
- Save proof of submission. Download or record the acknowledgement and reference number, submission time, issue name, quantity and amount. A confirmation screen without a reference number is not a substitute for retaining the bank’s acknowledgement.
- Monitor the application. Follow the bank’s application status, the issue registrar’s notices and the company’s allotment communication. Check for the allotment result, the debit or transfer for allotted shares, release of excess funds and the credit of shares to your demat account.
How to use your rights entitlement
Subscribe to the basic entitlement
The entitlement ratio determines the maximum basic quantity available from your record-date holding. Enter that quantity, or a smaller quantity if you do not want to subscribe fully. The issue price and the quantity you request determine the amount ASBA will block.
Request additional shares
Some offers allow an eligible holder to apply for shares beyond the basic entitlement. The letter of offer states whether this is permitted and how excess applications are considered. Requesting additional shares does not guarantee allotment; any amount relating to unallotted shares is released after the basis of allotment is finalized.
Renounce or transfer the entitlement
Where permitted, you may transfer or renounce the rights entitlement instead of subscribing. The offer document sets the method, eligible transferees and last date. A transfer of the entitlement is not the same as transferring the company shares already in your demat account. Follow the specified demat or exchange process and do not assume that a bank ASBA screen performs the renunciation for you.
Allow it to lapse
If you neither apply nor validly renounce within the stated period, the entitlement can lapse. The result may be dilution of your ownership percentage because the company issues new shares to successful applicants.
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How much money will be blocked?
For a straightforward application, the hold is based on the number of shares requested multiplied by the issue price. If the offer permits an additional request, the bank may block the amount for the full quantity you entered. Check the portal’s calculated total rather than estimating from your original shareholding.
For example, if the offer price is ₹120 and you request 80 shares, the application amount shown for blocking would be ₹9,600 before any issue-specific adjustment. This example explains the calculation only; use the actual price and quantity in your offer document.
A blocked amount is not an immediate final debit. Until allotment, it remains subject to the bank’s hold. After allotment, the payable amount for the shares actually allotted is debited or transferred, and the remainder is unblocked. Your available balance can therefore remain lower than expected until the release is processed.
What happens after you submit
| Stage | Expected status | What you should do |
|---|---|---|
| Submission | The bank records the application and attempts to place the hold. | Keep the acknowledgement number and confirm that the amount is shown as blocked or lien-marked. |
| Issue processing | The application is checked and allotment is determined under the offer terms. | Watch the bank and registrar channels for status changes; do not submit a duplicate application without guidance. |
| Allotment | The amount due for allotted shares is debited or transferred. | Verify the final quantity and the amount retained. |
| Excess release | Funds not required for allotment are unblocked. | Check your available balance and statement after the release instruction is processed. |
| Demat credit | Allotted shares are credited to the beneficiary account according to the issue’s timetable. | Compare the credit with the allotment notice and report discrepancies through the stated registrar or depository channel. |
The exact release and credit dates are issue-specific. The closing date is not necessarily the date on which funds become available again. Use the timetable in the letter of offer and subsequent notices.
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If online ASBA is unavailable
When your bank does not show the issue online, first confirm that the issue is open and that the bank is an SCSB for it. If electronic ASBA is not offered, SEBI’s guidance permits a physical ASBA application through an eligible SCSB, subject to the bank’s branch process and the issue’s deadline.
Complete the physical form with the same care as an online form: correct issue name, PAN, demat beneficiary details, quantity and authorization for blocking. Ask the branch for an acknowledgement and keep a copy. A branch may impose an earlier internal cut-off than the issue’s published closing time, so verify it before visiting.
Common problems and how to resolve them
The issue does not appear in the portal
- Confirm the issue’s opening date and the bank’s online-ASBA availability.
- Check that you are using the bank account of an eligible SCSB and have transaction rights.
- Contact the bank through its official support channel if the issue should be listed but is missing.
- If the bank does not support online submission, use a permitted physical ASBA route before the stated cut-off.
The bank will not place the block
- Check that enough funds are available and are not already subject to another hold.
- Verify PAN, account status and transaction authorization.
- Review the quantity and amount for a portal validation error.
- Save any error message and ask the bank whether the application was rejected, is pending authorization or was submitted without a successful block.
The quantity, PAN or demat details are wrong
Do not assume that editing a browser page changes a submitted application. Use the bank’s modification function only if the offer and bank allow changes before their cut-off. Otherwise, contact the bank or registrar promptly with the acknowledgement number and follow the official correction procedure.
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The amount is still blocked after allotment
Compare the bank statement with the allotment notice and the issue timetable. Release instructions may be processed after allotment is finalized. If the stated release window has passed, give the bank the application reference and ask it to trace the hold; also contact the registrar using the details in the offer document.
The rights entitlement is missing
Check the record-date eligibility, the demat account details recorded by the company and the entitlement credit date in the offer documents. If the entitlement is absent after that date, raise the issue with your depository participant or the registrar using your account and holding evidence. Do not apply with guessed entitlement details.
Quick Recap
Final checklist before the deadline
- Read the current letter of offer and confirm the record-date eligibility.
- Record the entitlement ratio, issue price, opening and closing dates and any renunciation deadline.
- Decide whether to subscribe, request additional shares, renounce where permitted or let the entitlement lapse.
- Confirm that your savings account belongs to an SCSB offering the required online or physical ASBA route.
- Keep PAN and demat beneficiary details available.
- Ensure enough unblocked funds for the quantity entered.
- Review the company name, quantity and total amount before authorizing the hold.
- Save the acknowledgement or reference number.
- After allotment, verify the debit, release of excess funds and demat credit.
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