@V. R.MEHTA Hello, Yes - you are right, HNIs are not allowed to apply at cut-off price.
For book building issue, price band is provided. While one can bid at any price within this range, retail bidders also have facility to quote at cutoff price. Cutoff price is price finalised at the end of bidding process and retail applicants choosing cutoff give consent to accept at any price finalised. HNIs do not enjoy this privilege and hence should not tick or opt cutoff price
Hope it helped !