Dear all, I have mailed SEBI to impose heavy penalty on banks for non-verification of third party UPI applications. Also, i gave one suggestion to them that to make it mandatory for demat brokers to reject all IPO application instantly while submitting bid if made by third party UPI. As IPO registrar has very limited time of 1 day only and is bound to publish allotment process even after applications not verified by banks. Therefore, in my opinion only demat brokers may do the thing in this matter.
260.1. Basuvr| Link| Bookmark|
December 23, 2023 1:33:34 PM
IPO Guru (2000+ Posts, 1100+ Likes)
Dear there are many ways to apply IPO using 3rd party upi application. It is the Registar who has to cross check and reject them. I have mailed SEBI to give notification to all registar to reject all duplicate application where PAN linked with UPI fund (bank) is same.
So if I apply ASBA/UPI application with my own account and also apply 3rd party application with my UPI account then not only 3rd party but both application will be rejected.
If this starts then people will stop applying 3rd party applications.
🙏
260.2. Ankur Goel| Link| Bookmark|
December 23, 2023 1:35:34 PM
IPO Guru (1300+ Posts, 600+ Likes)
Broker cannot validate whether upi is owned by third party account. It is responsibility of upi app to validate who is applying and upi app cannot validate because they do not have user kyc. So this process need atleast one year to implement third party check.
@Basuvr Ji, Thankyou for raising such concern to SEBI. In the end i request everyone to mail sebi so that some action can be taken in this regard. @Ankur Goel Ji, Yeah looks like it will take some more time and retailer like us will get easy allotment once steps taken against it.
260.4. Basuvr| Link| Bookmark|
December 23, 2023 2:16:16 PM
IPO Guru (2000+ Posts, 1100+ Likes)
But frankly, after stopping 100% 3rd party applications also we might not see reduction more than 10% in IPO subscription.
260.5. Smile✍️| Link| Bookmark|
December 23, 2023 3:49:13 PM
IPO Guru (1800+ Posts, 1100+ Likes)
Lines by @Ankur Goel are true. But easy solution is Broker, while applying broker can easily identify and reject 3rd party UPI applications. No need to wait for one year.
@Smile✍️ I also thought like that but not sure if it is possible. Like when we add funds in our demat from non registered bank transaction immediately rejected by broker. Similarly they can do something like that to avoid third party upi. Otherwise banks will not do anything until or unless Sebi impose penalty on them.
260.7. Smile✍️| Link| Bookmark|
December 23, 2023 4:25:45 PM
IPO Guru (1800+ Posts, 1100+ Likes)
@MiddleClassInvestor Easiest way to block third party is in hands of broker. No difficulty at all.
260.8. Saney| Link| Bookmark|
December 23, 2023 4:56:57 PM
Top Contributor (400+ Posts, 100+ Likes)
I am for this… crazy subscription numbers will drop a bit
259. Heathslayer| Link| Bookmark|
December 23, 2023 4:34:34 PM
Top Contributor (300+ Posts, 100+ Likes)
Qtn1:-Is amount transferred from NRE account to own or others savings account is taxable or not? Qtn2:- Is amount transferred to Savings account from zerodha account is considered as extra income & taxable or not? Qtn3:- As we are already paying SGST, CGST, STT and so on when we buy & sell shares from our Demat account, is there any requirement to pay tax on our extra income again.
258.1. Basuvr| Link| Bookmark|
December 23, 2023 1:00:55 PM
IPO Guru (2000+ Posts, 1100+ Likes)
Qtn1: Not aware but I think mostly it should be non taxable for own accounts transfer, for others accounts it will be considered as gift amount which can be taxable after a certain limit.
Qtn2: It is Non taxable.
Qtn3: No Tax when you buy, but when you sell it from your account Tax will be applicable on the consolidated profit in the financial year. Tax amount/percentage depends on whether it is small term or long term gain and also depends on your applicable tax slab.
For Qtn3, when we sell our shares, all Taxes are already levied during our sell transaction right, then again in the end of financial year do we need to pay tax or how it works like STCG & LTCG. When we need to pay this tax? I am really not aware about these things & also I didn't filled returns from beginning.
Qtn1: Not taxable. Qtn2: Funds received from Brokerage House is taxable, you need to submit P/L report to know the taxable amount. Qtn3: Taxable for the profits only. 15% on Short term(Less than one year) and 10% on long term(equal to or more than one year)
Funds will be unblocked by Tuesday, these all are non working days.
256.4. sree vas| Link| Bookmark|
December 23, 2023 3:41:35 PM
Top Contributor (500+ Posts, 100+ Likes)
@Dipan i got 1 SHNI allotted, my money is not yet deducted from my bank a/c. this unblocking/deduction will happen will happen on Tuesday as all these are holidays
I have applied in 10 PAN & all BHNI in link in time in last 8 IPO and no allotment
255.3. Basuvr| Link| Bookmark|
December 23, 2023 1:21:25 PM
IPO Guru (2000+ Posts, 1100+ Likes)
Same here bro, have received only one IPO (Tata tech) from Linkintime in last 3 yrs
🙏
255.4. sbipo| Link| Bookmark|
December 23, 2023 2:29:49 PM
Top Contributor (400+ Posts, 100+ Likes)
@badluck You are privileged to have relative in top SEBI post but it's bizzare that with 10 bhni alloted nothing in last 10 ipos in linkintime.co.in, certainly either something is fishy or u r quite unfortunate. Also request ur relative for deep drilling and diving into stopping 3rd party allotment which already is supposed to be over from 1st December courtesy SEBI rules but strangely people are applying & getting allotment still in 3rd party and non allotees are getting victimized, Thanks
255.5. Simply Vicky| Link| Bookmark|
December 23, 2023 2:31:44 PM
Top Contributor (700+ Posts, 100+ Likes)
Sir, i think that third party upi applications are making it difficult for normal investors to get allotment in highly oversubscribed ipo...whether one applies multiple retail/bhni/shni
10 BHNI applications in last 8 IPO. I am sure, you would be doing nothing wrong in the application, but I would recommend you check from your end if you are applying it correctly or the portal you are using makes no mistake. Because, this is very difficult to believe, you do not get even single lot.
#EXPERT ADVISE REQUIRED I am a very small investor ... I have some invetment in primary market but due to ipo i am started taking OD against FD ... and i have 12 different account of my family and friends and I transfer them when Ipo come and take back when its over so there are a lot transactions i am doing i take od around 7 lakhs + and i repay when i get the fund back from my other account.. i am doing this work from 3 different account mine , father , mother so is there any taxable amount will be there or any isssue will arrise though i am not taxable in this financial year as my personal income is below 5 lakhs and i am 22 years old ### JUST NEED YOUR HELP EXPERT
Ok, so there is no such cap or guideline for high numbers of debit/credit transactions in single bank account. But, banks are advised to take precautionary measures if they sense something suspicious in such transactions., and inform income tax department. Again, this will not trigger the notice from income tax, it is just reported to income tax department.
The limits are mainly on cash transactions or credit card transactions, which trigger bank to mandatorily report to IT department. For online transactions, no such limit defined., any unusual activity in account shall trigger the bank to report it to IT department
254.2. Paymzia| Link| Bookmark|
December 23, 2023 2:49:31 PM
IPO Guru (2700+ Posts, 4700+ Likes)
Ipo is coming
If you have chance open separate bank account for them keep money in those accounts which bank accounts those doesn't have
@CA Dhiraj Ramchandani As I said I only apply in retail so Max I send them is 15k and I am doing this for a long time and debit/credit get equal @Paymzia They have their bank account but I can't keep my fund in my friends account all i keep my fund in mine account, father and mother from these 3 account i transfer to other 9 accounts and they send me back on same So is i am doing anything wrong ? Reply will waited from you guys Thanks for the response Thanks to cg family ❤️
I have been lucky to get hands on one lot of Happy Forgings allotment. All experts, what should be listing day strategy? I understand, the GMP is around 45% to 50% currently, but if based on market conditions, if this GMP also goes up or down, what shall we do with allotted shares?
Non allottees, please don’t be upset. Nowadays, subscriptions are on a higher level and hence allotments cannot be made to all the applicants. We have to accept the fact and continue to try our luck with the positive attitude n hope that we will get great Allotments with good profits very shortly. Of course, we are all aware of this. But the moment we find no allotment, we naturally feel disappointed. One should come out of it at the earliest and I am sure that all of us are adopting the same policy. All the best to all of you for better days ahead.
@Paymzia Yes, really lot of patience. I will continue to apply with hope but will also increase my attention in secondary market. All the best to all chittorgarh family ☺️
249.6. sbipo| Link| Bookmark|
December 23, 2023 2:12:11 PM
Top Contributor (400+ Posts, 100+ Likes)
@KAMMA SIVA RAMA KRISHNA ,@Paymzia, With so much patience, tenacity & perseverance, even achieving god would be easier than ipo allotment