Can I apply more than one IPO application in my name from different saving bank accounts in same bank or different banks?
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- Updated On:19-Mar-2021
- Replies:1
Short Answer
Only one PAN card can be used for one application. No matter how many different savings account details you might utilize, if there is the same PAN number in more than two applications, then all of them would be revoked.
Detailed Answer
Some certain guidelines and rules are laid down by the SEBI for traders and investors to apply for an IPO. These are strict rules to ensure that fluidity and transparency is achieved amongst all the people looking to invest in the particular IPO. Amongst the many rules, the most important one is that only one application can be submitted by a trader or investor for one IPO.
You cannot apply multiple applications for that same IPO as one PAN card is valid for one IPO application. No matter how many times you might apply for an IPO application using the same PAN number, all the applications would be canceled. You can change all the details, but then your PAN card number wouldn’t change, which would still lead to your application's rejection.
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Discussion (0)
Public Provident Fund Scheme is a saving scheme that comes with tax benefits. Ministry of Finance introduced this scheme in the year 1968. The main objective of PPF is to encourage general people to mobilize their small savings. The interest offered on these schemes are not taxable. Precisely, PPF is an investment with non-taxable returns.
Yes, you can apply for an IPO application under a minor or HUF's name, provided they have different PAN card numbers. Minors can open a Demat account with their parent’s PAN Card and bank account.
IPO or Initial Public Offering is the process through which a private company goes public by offering its shares to the public for the first time.
There are mainly 5 types of bank accounts in India. These include Savings account, Current account ,Fixed deposit account, Recurring deposit account and NRI accounts.
Whenever we talk about retirement corpus, Employee Provident Fund and Public Provident Fund come to our mind. These schemes are meant for long-term savings and support our after retirement plans. These instruments are known to be secure & steady with guaranteed earnings. You can start with small savings and end up with significant retirement corpus!
While applying for an IPO a person either uses the UPI or ASBA facility for the payment and in both the process the total amount of money remains blocked by the bank under a "Mandate" until the allotment process is finalized hence the amount remains in the bank account of the investor and only gets debited if he/she receives the allotment of the shares.
It is the document issued by the owner of the IPO for share allocated as per the regulatory guidelines in an IPO. This contains all the crucial details about the Initial Public Offering.
There are about 5 IPO applications that can submit through online net banking from one bank account. However, the number can change immensely from one bank to another.
Yes, you can apply for an IPO application for your family and friends through your savings bank account details. However, keep in mind that only five applications can be filled with the same bank account details.
Yes, it is mandatory to have a PAN number to apply for an IPO since July 2006 as per Securities and exchange board of India (SEBI).