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Apply for a non-convertible debenture (NCD) public issue through the ASBA method stated in its prospectus. You submit your bid through a Self Certified Syndicate Bank (SCSB), an eligible registered broker or other designated intermediary, or—when the issue permits—UPI-enabled ASBA. Your application money is blocked in your own bank account rather than transferred immediately. After allotment, only the amount for the NCDs allotted to you is debited; the balance is released.
The exact opening and closing dates, minimum lot, coupon, yield, payment schedule, maturity, redemption terms, investor category rules, credit rating, listing and UPI requirements are different for every issue. Read the current prospectus and application form before entering a bid. A generic IPO calendar cannot substitute for those documents.
What an NCD IPO application through ASBA does
An NCD is a debt security issued by a company. In a public issue, you apply for a specified number of NCDs in lots. The ASBA (Application Supported by Blocked Amount) process lets you keep the application money in your bank account while the issue is open and allotment is being finalized. The bank places a block for the bid amount; it does not send the money to the issuer at the time you apply.
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ASBA is therefore different from a normal payment or fund transfer. A successful application requires a valid bid and a successful block or UPI mandate authorization. Entering details without a completed block does not create a funded application.
Read the issue documents before choosing a route
Download the prospectus, tranche supplement if applicable, and application form from the issuer or the relevant stock-exchange issue page. Check every item below because terms can change between issues or tranches:
- Issue opening and closing dates, including the time by which a UPI mandate must be approved.
- Face value, price per NCD, minimum application and lot size, and any additional-lot rules.
- Investor categories, reservation or quota rules, and whether an individual investor can apply in that category.
- Coupon rate, yield, interest-payment frequency and whether interest is paid monthly, annually, cumulatively or under another schedule.
- Tenor, maturity date, redemption amount and any call or put option described in the documents.
- Whether the NCDs are secured or unsecured, the stated security, credit rating and rating outlook.
- Exchange on which the NCDs are proposed to be listed, settlement details and dematerialisation requirements.
- ASBA-only language, UPI applicability, category-specific UPI thresholds and any tranche-specific conditions.
- Registrar, designated SCSBs, eligible intermediaries, bank-account restrictions and the process for corrections or cancellations.
A January 2026 NCD prospectus hosted by the securities regulator states that all applicants in that tranche had to apply through ASBA only. It also stated that individual investors applying up to ₹5,00,000 had to use UPI under the SEBI NCS Master Circular dated October 15, 2025. Treat those figures and instructions as time-sensitive: the prospectus for the issue you are considering and the current SEBI circular control if they differ.
Accounts and information you need
Prepare the following before you start. Use the applicant’s own details consistently across the form, bank account, demat account and UPI mandate.
- PAN: Enter the applicant’s correct, active PAN exactly as recorded with the intermediary and demat account.
- Demat account: Have the exact DP ID and client ID, or the beneficiary-account details requested by the form. The NCDs will be credited to this account if allotted.
- Bank account: Use the account from which the ASBA amount will be blocked. Confirm that the account can place ASBA blocks and has enough available balance for the full bid.
- Contact details: Keep the mobile number and email address linked to the application, bank and intermediary current so that confirmations and mandate alerts reach you.
- UPI details, where allowed: Use a UPI ID belonging to the applicant and linked to the bank account that will provide the funds. Use only an app and handle permitted for the issue under the applicable SEBI and exchange rules.
- Category evidence: If the prospectus requires a particular investor category or supporting declaration, have the requested information ready before submission.
Reserve enough balance for the complete bid, including every lot you enter. A partial balance can cause the bank or UPI sponsor bank to reject the block, leaving the application unfunded.
Choose the application channel
The practical routes are an SCSB bank, an eligible registered broker or other designated intermediary, and UPI-enabled ASBA when the issue permits it. The prospectus or issue notices identify which intermediaries are authorized.
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| Aspect | SCSB bank ASBA | Broker or UPI-enabled ASBA |
|---|---|---|
| Where you submit | Designated SCSB branch or the bank’s ASBA portal | Eligible registered broker or other designated intermediary; a UPI mandate is used when that route is selected |
| How funds are controlled | The SCSB verifies the form and places a block in the specified bank account | The broker uploads the bid; for UPI, the sponsor bank requests and records the block after you authorize the mandate |
| When it is convenient | Useful if you prefer to deal directly with your bank or need a branch/online-bank workflow | Useful if your demat and trading account are already connected to an eligible intermediary and you use UPI regularly |
| Main failure point | Incorrect account or form details, an ineligible branch, or insufficient balance | Unapproved or late mandate, third-party UPI, wrong PAN or demat details, or an intermediary that is not eligible for that issue |
| What to verify | That the bank and branch or portal appear on the issue’s SCSB list | That the intermediary is authorized for the issue and the UPI app and handle are permitted |
A broker’s three-in-one workflow may combine trading, demat and bank information, but availability, issue support and any fees are broker-specific. Do not assume that every broker accepts every NCD issue.
Step-by-step: apply through an SCSB bank
1. Obtain the correct ASBA form
Use the form for the exact issuer and tranche. Confirm that your chosen SCSB is listed as an authorized bank for that issue. Do not alter the PAN, demat or account fields to match a different application.
2. Enter the bid
Fill in the applicant name, PAN, investor category, demat details, number of lots or NCDs and the bank account to be blocked. The amount should correspond to the issue price and quantity stated in the prospectus. If the form asks for a particular account type or branch identifier, copy it from your bank records.
3. Review before submission
Check the issue and tranche, quantity, category, PAN, DP ID, client ID, mobile number, email address and bank-account number. A mismatch can prevent credit of securities or cause rejection. Keep a copy or photograph of the completed form and note the application number if one is provided.
4. Submit at the branch or through the bank portal
Give the form to the designated SCSB branch or use the bank’s ASBA function. The bank verifies the request and places a block for the full bid amount in the account you named. A debit is not the same as a block; immediately after submission, check the bank’s confirmation or account view for the block status.
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5. Retain proof
Keep the stamped acknowledgement, online reference, application number and the account statement showing the block. These records are needed if the application does not appear in the registrar’s status or the release is delayed.
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Step-by-step: apply through a broker or designated intermediary
1. Confirm eligibility for this issue
Ask the intermediary whether it is listed as an eligible participant for the particular NCD issue and whether it accepts applications in your investor category. A general ability to trade securities does not by itself establish eligibility to upload every public-issue application.
2. Sign in to the public-issue section
Open the intermediary’s NCD or public-issue application screen and select the exact issuer and tranche. Read the displayed price, lot size and issue dates against the prospectus rather than relying only on the screen.
3. Enter applicant and demat information
Provide the applicant’s PAN, category, quantity, DP ID, client ID, bank information and contact details. If the platform pre-fills information, verify every field; a pre-filled value can be outdated or belong to a different account.
4. Select the permitted payment route
Choose bank ASBA if the intermediary directs the request to an SCSB, or enter your own UPI ID if the issue and intermediary offer UPI-enabled ASBA. Do not enter another person’s UPI ID or bank account to try to complete the bid.
5. Submit and record the acknowledgement
Submit before the issue deadline and save the application or order number. The intermediary may show a submitted status before the bank block is complete, so continue to the mandate or bank-status check described below.
Step-by-step: apply with UPI-enabled ASBA
1. Enter your own UPI ID
Through the permitted broker or intermediary, enter the UPI ID linked to the applicant’s own bank account. The account holder, PAN and demat applicant should be the same person unless the prospectus expressly provides another permitted structure.
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2. Submit the bid
Choose the issue, category and quantity, review the calculated amount and submit. The intermediary uploads the bid and the UPI sponsor bank sends a block request to the UPI app associated with the ID.
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3. Open the mandate in the approved app
Look for the pending mandate in the UPI app or bank interface. Verify the issuer or public-issue description, amount, applicant information and expiry time. If the request is genuine and correct, authorize it with the UPI PIN before the stated deadline.
4. Confirm that the mandate is accepted
A submitted bid is not enough. The mandate must show an accepted or successfully blocked status. Take a screenshot or save the reference number, but do not share your UPI PIN, one-time passwords or banking credentials with anyone.
5. Correct a mistake only through the stated process
If the UPI ID, quantity or applicant details are wrong, follow the intermediary’s correction or cancellation instructions before the issue cutoff. Never approve a mandate whose amount or identity details do not match your bid.
How UPI blocking works
UPI-enabled ASBA has a sequence rather than an immediate payment. You submit the bid with your UPI ID; the sponsor bank sends a request; you authorize that request in your UPI app with your UPI PIN; and the bank places a block for the bid amount. The money remains in your account but is unavailable for other spending while the block is active.
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- Bid details are entered with the eligible intermediary.
- The intermediary uploads the application and passes the UPI information to the sponsor-bank process.
- A mandate appears in the applicant’s approved UPI app.
- The applicant checks the amount and issue details and authorizes the mandate with the UPI PIN.
- The bank records the block and the application becomes funded for processing.
- After allotment, only the amount for the NCDs actually allotted is debited; the remaining blocked amount is released.
Third-party UPI IDs and third-party bank accounts are not accepted for this applicant-authorized block. A request that is ignored, rejected, expired or authorized after the deadline can leave the bid without a valid block.
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What the ₹5,00,000 UPI rule means
SEBI investor guidance records ₹5,00,000 as the UPI application limit for retail individual investors. The January 2026 prospectus cited above required individual investors applying up to ₹5,00,000 in that tranche to use UPI. That does not mean every NCD issue has identical thresholds, categories or workflows. The current issue prospectus and the latest SEBI NCS instructions determine whether UPI is mandatory, optional or unavailable for your category and bid amount.
Check the threshold against the total application amount, not merely the number of NCDs. If your category or amount falls outside the permitted UPI route, use the alternative ASBA channel specified in the prospectus. Do not split one application across unrelated accounts to evade a limit; follow the issue’s permitted application structure.
What happens after the issue closes
Allotment and debit
After the closing date, the registrar and exchange finalize the basis of allotment under the prospectus. If you receive NCDs, the bank debits the allotted amount from the blocked funds. The NCDs are then credited to the demat account entered in the application, subject to the issue’s settlement timetable.
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If you receive fewer NCDs than requested, or none, the amount relating to the unallotted portion is unblocked. Because a block is not a completed transfer, the release appears as restored available balance rather than as a separate refund payment. The exact release date is issue-specific; monitor the bank, broker, registrar and exchange status notices.
Interest and redemption terms
Do not infer coupon payment dates, yield, maturity or redemption value from the fact that the issue used ASBA. Those economic terms are stated in the prospectus and can differ by tranche or series. ASBA explains payment authorization, not the investment’s return or credit risk.
Common problems and how to fix them
| Symptom | Likely cause | Action |
|---|---|---|
| No UPI mandate appears | Incorrect UPI ID, unsupported app or handle, delayed bank message, or an intermediary that has not uploaded the bid | Check the bid reference and UPI ID, confirm that the app/handle is permitted, and contact the intermediary before the mandate deadline. Do not create a second bid unless the issue instructions allow it. |
| Mandate is rejected or expires | Insufficient balance, wrong amount, missed authorization deadline or bank-side failure | Check available balance and the mandate status. If the issue is still open, use the stated re-initiation or correction process; otherwise ask the intermediary whether a valid resubmission is possible. |
| Bank shows a debit but no allotment status | The account view may show a temporary hold, or status updates may not yet be synchronized | Keep the bank reference and application number, then check the registrar and exchange status after the announced allotment date. Escalate with those references if the block remains after the release window. |
| Application is rejected for details | PAN, demat, category, bank or UPI information does not match the applicant | Compare the acknowledgement with the prospectus and account records. Use the formal correction route; do not edit a submitted bank or UPI mandate informally. |
| Funds are not released after allotment | Registrar, bank or intermediary processing delay, or a mismatch requiring reconciliation | Check each status page, retain proof of the original block and contact the SCSB or intermediary first. If unresolved, follow the issue’s registrar or exchange grievance channel. |
| Broker screen does not show the issue | The broker is not designated for that issue, the issue is outside its supported category or the issue window has closed | Verify the eligible-intermediary list in the prospectus and use an authorized SCSB or intermediary if available. |
How to verify an application
- Save the application number, bid reference, acknowledgement and UPI mandate reference, if applicable.
- Check the SCSB account or UPI app for a successful block, not merely a submitted form.
- After closure, use the registrar’s status facility named in the issue documents and compare the result with your PAN, application number and demat details.
- Check the demat account for credit after the announced allotment and settlement date.
- Check the bank’s available balance for release of excess funds and keep the account statement showing the final debit or unblocking.
Use only status pages and contact channels identified in the prospectus, exchange notice, bank or intermediary records. Treat unsolicited calls, messages or links requesting a UPI PIN, password or additional transfer as suspicious.
A practical decision guide
Choose SCSB bank ASBA when
- Your bank is listed as an SCSB for the issue and you prefer direct control through the bank.
- You do not need a UPI mandate or the issue does not allow UPI for your category.
- You can obtain a branch acknowledgement or use a bank portal that clearly confirms the block.
Choose an eligible broker or intermediary when
- The intermediary is explicitly authorized for the issue.
- Your demat and bank details are already verified there and you want one online workflow.
- You can monitor both the intermediary’s bid status and the bank or UPI block status.
Choose UPI-enabled ASBA when
- The prospectus permits UPI for your category and application amount, or requires it for that category.
- Your own UPI ID is linked to an account with sufficient balance.
- You can authorize the mandate in the approved app before the stated deadline.
The safest route is the one that is explicitly available for your issue and leaves you with a verifiable application number and successful block. Convenience should not override eligibility or a matching applicant identity.
Quick Recap
Final pre-submission checklist
- Read the current prospectus and tranche terms.
- Confirm issue dates, category, lot size and total bid amount.
- Verify PAN, DP ID, client ID and applicant name.
- Use the applicant’s own bank account and, where applicable, own UPI ID.
- Confirm that the SCSB, broker or intermediary is eligible for this issue.
- Keep enough balance for the entire bid until allotment is finalized.
- Authorize any UPI mandate with the UPI PIN before its deadline.
- Save every acknowledgement, application number and mandate reference.
- Monitor allotment, demat credit, debit and unblocking through the stated official channels.
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