Concord Biotech Limited IPO Message Board (Page 32)

Yes, as per circular it is valid from 1st sep.

R.I.P. THIRD PARTY 🥳🥳

Read this...

Why do a few 3rd Party UPI/ASBA IPO applications get an allotment?

As per the regulation, the funds for IPO applications should come from the bank account linked to the demat account used for the IPO application.

The stock exchanges along with the registrar and banks are responsible to validate this information.

➡️ Process of validating 3rd Party Bank Account in IPO Application

Following is the process stock exchanges, registrars, and banks follow to find the 3rd Party bank accounts used in the IPO application:

1. Once the public issue closes, the exchange sends the IPO application file to all the banks to take the confirmation that the bank account linked in the demat account is the same used in the IPO application.

2. Banks get only a day to revert. There are lakhs of records to validate.

3. Some banks revert with the confirmation of whether the account numbers match or not.

4. Exchange puts a flag (Valid or 3rd Party) and sends it to the registrar.

5. The registrar rejects all IPO applications which are flagged as 3rd party.

6. In some cases, the 3rd party flag comes as empty from the exchange. It happens in the case where a few banks do not respond in the given time. These are the records that are neither rejected nor accepted by the bank.

7. The registrar sends the file with pending records to the banks again and waits for one more day. Registrar gets a few confirmations. Some banks still do not respond in time.

8. If confirmation is not received from banks, the benefit of the doubt is given to the IPO applicant. This is because banks are supposed to own this. No one else can confirm if the information is correct or not.

9. Wherever such confirmations do not come, by default those applications cannot be rejected, hence they are considered for allotment.

It’s a wrong thing that these people are getting allotments but there is no way to check because banks are the only agency that can check the account number.

Banks are not able to handle the load of validating lakhs of IPO application data for every IPO in a short period. Thus they don’t send the confirmation and in the process, some people are getting benefited.

As per the registrar, a few applications fall under the category of ‘not-validated 3rd party bank account’. They are not ready to share the actual percentage of these applications.

@Chhattisgarh Banks are just lazy. They have all the data. Phir lakh application ho yaa crore, database me SQL ki 1 query kuchh seconds me validate kar sakti hai, bank ka PAN aur demat ka PAN matching hai ya nahi.

@MVP I don't know why you only look from your perspective, bank🏦 employees have their own problems, they... they don't even know what the query is and where to run this!😴😪🤧🤓
😂😅

@vvipp software me one time change hai ye. Roz roz nahi karna padega 🤦🏻‍♂️
Website pe thoda kaam kare, to ye validation IPO application submit karte samay bhi real time kar sakte hain. 🤷🏻‍♂️

In case, you are confuse with "banks are lazy"
1. IPO applications lene me aur use exchange ko send karne me kisi employee ka koi kaam nahi hota, everything is automated now a days. Only for physical forms manual work is involved, they are very less now a days
2. Lazy - for implementing validation feature in their software. It requires (one time) software update and expenses for bank to implement.

@MVP 
Bank employees: Ye wali konsi query hai? 😳🤩🤔🥱😪

No point explaining 🙏🏻
Khush raho

@MVP Yeah, but in some time they have to do all this work in short span of time, no matter what. T+3 will also be in action soon!🔜

@MVP Areeey...😅 I was just kidding. I know what you are saying. Hope I didn't bother you much.🤝😋

both will cancelled.

And what if the UPI for retail isnt accepted?

What is your expected listing price? Most of the times, your estimate is to the point

@Heritage Wale 
**Kadam Kadam Badhaye Ja, Khusike Geet Gaayeja,
Ye Jindgi Hai Share Market ki, Share Market pe Lootayeja**.
GMP aur bhi badhayeja. Khuseke Geet Gayeja.
Sub ko hilaye ja.

@Heritage Wale  sir , any news about Mad elephant gang ... are they active in this counter sir ????

@Earthking 

Mad elephant not active here....

But

Big turtle is eating slowly slowly.....

what is big turtle 😁

I know mad elephant is a reference to Mankind which surprised not only during listing but post listing also it's continuing its madness

@Avinash loyal 
Hold IKIO full quantity
In Natweb ,Book 50% on jump and hold remaining