@Ipoyash For your easy reference information as available on SEBI website -
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Points to Remember While Using UPI for Investing in IPO:
1. Create your UPI ID with a bank whose name is mentioned in the ‘List of Self-Certified Syndicate Banks (SCSBs) eligible to act as an Issuer Bank, available on website of SEBI.
2. Use only those mobile applications and UPI handles that are mentioned in the ‘List of mobile applications for using UPI in public issues available on website of SEBI.
3. Submit your application forms with UPI as a payment mechanism only to a Syndicate Member, or a Registered Stock Broker, or a Registrar and Transfer Agent or a Depository Participant.
4. The limit for IPO application is Rs.5 Lakhs per transaction on UPI and is available only for retail individual investors.
5. Third party UPI ID or investors using a third party bank account will not be considered for allocation.
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Extract from ASBA process PDF documents available on SEBI-
7. How many applications can be made from a bank account?
-Only one application can be made from a bank account in a Public
Issue. In case of Rights Issue, more than one application can be made
upto rights entitlement being applied for.