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If you did not receive IPO shares, first check whether your application was valid but got no allotment, or whether it was rejected or never considered. Then check the ASBA block or UPI mandate status. No allotment by itself does not mean a refund is due: under ASBA, funds are blocked and debited only for shares allotted. If funds remain unavailable or the application is marked rejected, contact the party named in that IPO’s grievance instructions before escalating to SEBI’s SCORES.
First determine whether the application was rejected or simply received no shares
Check the registrar’s IPO status channel and the application record with your broker or bank. Confirm the application number and PAN, and read the status shown for the bid. A valid application can receive no shares; that is different from an application marked rejected or not considered. Non-allotment alone does not tell you why an application was rejected.
Use the specific IPO’s registrar or offer documents for the authoritative status and issue-specific instructions. Do not assume a rejection reason from the fact that you received no shares.
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If you applied using UPI
Check whether the mandate request arrived, whether you accepted it within the issue’s deadline, and whether your bank confirms that the requested funds were blocked. SEBI describes the UPI process as submitting a bid with a UPI ID, authorizing the block request, and having funds debited or unblocked after allocation. The mandate being accepted is not, by itself, proof that every part of the application was processed successfully. SEBI’s IPO guidance
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- Was the mandate accepted before the deadline for that issue?
- Was there enough available balance for the requested block?
- Does the application use the applicant’s own UPI ID and bank account? SEBI says third-party UPI IDs or bank accounts are not considered for allocation.
- Does the bank confirm that the funds were actually blocked?
If you applied using ASBA
ASBA blocks the application amount in your bank account while the application is processed. The amount due is debited if shares are allotted; if there is no allotment, a refund is not required because the funds were blocked rather than taken as a payment. SEBI’s IPO guidance
If some shares were allotted, only the amount due for those shares should be debited under the process; ask the bank or relevant intermediary to check any excess or unallotted amount that remains blocked.
Possible reasons an application may be rejected
Offer-document examples include failure to approve a UPI mandate within the required timeline, insufficient funds or no confirmation that the SCSB blocked them, missing or mismatched depository details, and an application that was not uploaded to the exchange or was uploaded late. A SEBI-hosted offer-document excerpt lists these as potential grounds. They are examples from an issue document, not a complete checklist or a universal explanation for every IPO.
When asking about a rejection, request the specific reason recorded for your bid. If the status or explanation does not match your mandate, bank, or depository records, include that discrepancy in your query.
What to do if the application amount is still blocked
Ask the bank or SCSB, or the intermediary that accepted the application, to verify the block and the processing timeline for that issue. The release date is issue-specific; there is no single date established here that applies to every IPO. Check the current registrar or bank status and the offer schedule rather than relying on a general estimate.
Have these details ready so the relevant party can locate the transaction:
- IPO application number and PAN
- ASBA account or bank details, if applicable
- UPI ID and mandate status, if applicable
- DP ID and Client ID, if requested
- Application, allotment, or rejection status shown by the registrar or intermediary
Contact the issue-specific grievance channel, then use SCORES
Start with the contact listed in the IPO’s offer documents or registrar notice. The right party depends on how you applied and what went wrong: it may be the SCSB or bank, registrar, broker or other designated intermediary, issuer, or lead manager. Follow the issue’s own grievance instructions and provide the identifying details it requests. SEBI-hosted offer-document material describes these routes and the information that may be needed to identify an application. Offer-document grievance information
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If the concerned company or intermediary does not resolve the complaint, SEBI’s guidance is to lodge it through SCORES. The entity must file an Action Taken Report within 30 days of receiving the complaint, according to SEBI’s investor complaint guidance. Contact the concerned entity first, as SEBI advises.
Keep a record of your application and follow-up
Save the application confirmation, mandate notification or status, bank record showing the block, registrar status, and messages to the bank, broker, registrar, or issuer. Use official contact channels and retain copies of replies. This record helps you identify whether the issue is an invalid or unprocessed application, a valid non-allotment, or a funds-release delay.
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