As per SEBI Guidelines, refund has to be made by ECS only if the Bank Branch (through which account the IPO subscription has been made by the investor) is situated in certain cities such as Mumbai, Delhi, Chennai, Hyd, Blr, etc. There are 15 to 20 such cities are identified by SEBI. However, rarely, some issues like Central Bank of India IPO, had breached this guidelines. Overall, it is fine.
regarding 420 if u update your bank a/c micr code in your demat a/c you will get refund through cs else physical chq hope this will make clear ur query
Dear All, I have a doubt. I & one of my friend applied for the IPO & the mode of refund has been different for both of us. I have been refunded through ECS (Electronic Clearing System), while my friend has been sent a cheque.
Can anyone tell me why this is so & what is the proceedure for getting refunds through ECS?
Guys..! Be ready for firm allotment of 8 shares for 120 shares..Listing will be 1400 and it can go for 1750 on the same day...Friends 100% premium for 8 shares will be tasted for the applications worth 99000..