Sabar Flex India Limited IPO Message Board (Page 7)

Most likely by tomorrow noon banks will release funds. And some like SBI may take even longer. 🙄

Worst service is by SBI

@Jenino,
Minor below 14 years can't get online access to their bank account and also do not get UPI. Online access to a minor account is given to the parent's customer ID. Both parent's and minor's PAN number are linked in the bank account.

When applying for IPO from Minor's net-banking, the ICICI Bank use to pre-fill the PAN number with the parent's PAN Number. Thus technically, it didn't allow applying in IPO on Minor's name.

We are not sure about ICICI Bank has changed recently. Please check with the nearest branch.

HDFC Bank Minor Account's net-banking facility now has the ability to apply in IPO on Minor's name. This was implemented a couple of months back. We have recently tried Minor, HUF, Private Limited, etc accounts and it did work.

ICICI BANK not allowed to apply IPO for minor account online via ASBA mode. You can apply through your broker via UPI .

@Jenino - I apply in ICICI bank for my son (minor), using his own PAN card, and i did get allotment too. no issues.

@Jenino,
Icici bank allow minor to apply IPO via ASBA. While opening the account they may assign guardian PAN number, you can change it to minor Pan later.
After that link the minor account to parent login.

While applying IPO, it will allow to select account that needs to be used to apply (Parent a/c by default and it will list all linked account), change it to the minor account . On the next screen , it will populate all details including minor Pan , the name will have "Minor" , which can be edited

For minor account age should be below 18 , there is no further restriction with respect to age and transferring fund between account is seamless.

That said, I didn't get any allotment in minor name , it could be due to heavy oversubscription .
Milton already confirmed on allotment, so looks everything fine.

@Milton , Did you remove "(Minor)" from the applicant name.

@Admin,

ICICI bank allow guardian to apply IPO via ASBA using minor account . The only restriction is minor can't have separate login. parent need to link minor account.

@Jenino,
I missed few things
You need to walk-in to a branch for opening minor account, minor not required.
Minor account can be opened as an individual account , but need to link with parent a/c inorder to operate , which can be done through online.

is it possible to apply on minor's name in axis Bank asba.. Someone may answer if done so.

thank you @admin,@BLR,Milton,@Ravu.
So, both HDFC and ICICI are providing these features. As i already have ICICI account for me, will open minor account in ICICI and let you guys the feedback. Thanks once again for immediate guidance.

Hello

I dont have any information about ICICI.

I am using KOTAK MINOR ACCOUNT, and have been alloted many shares in minor ac.
ADANI WILLMAT
HARIOM PIPE
LODHA DEV
SONA BLW etc (some 8 ipo's alloted)

Using ASBA (As a guardian, i dont have any personal Account with kotak. Hence banking account is in the name of minor and CRN was generated in guardian name.) Applying through ASBA, and in asba page also minor PANdetail is showing. Before at ASBA page guardian PAN detail was showing, and than i sent a complaint to kotak and they have replaced with minor PAN.

If guardian PAN was showing in minor ASBA page, than dont apply. It can reject the guardian personal application also. Face this issue in ZOMATO IPO.

@ Ravu ,

In my son case , ( Minor account ) Bank issued debit card and netbanking facility in his name only . and Pan number also updated in his name only . I used to do online transaction via net banking . They allow only for FD and Mutual funds ( I am not sure mutual funds ) . I do have seperate account . I cannot link this account due to Pan mismatch error. When I am trying through ASBA mode getting error meaage "This feature is currently unavailable. Request you to visit the nearest ASBA enabled branch to submit your application" . So far I used apply through broker only . Bad part is ICICI bank customer care guys not much having knowledge about IPO and system how it works and same thing for branch bank staffs also . Couple of time I visited banks but there no resposne from their side. Also I marked the mail yesterday waiting for their reply .

I do have demat account with other broker that might be the reason .

Please suggest any alternative option for above concern

Thanks .

Though I am also a learner and trying to find out how boa works.
I think (i may be wrong) it goes like this:
1. In case of oversubscription one get only one lot in shni and BHNI + one addl share - that too also on lottery among successful applicants.
2. The oversubscription ratio / average allotment ratio is same for all the lots in BHNI. Same goes for SHNI. But these ratios are different for both these groups. Generally favorable in SHNI case.
3. Allotment is done amongst the applicants of a particular lot but as said earlier ratio remain same.
4. For some reason if this ratio is not achieved in a particular lot (for eg 1 applicant and ratio was 1:7) then nil allotment in that particular lot. Applicants participating in lesser lot from this particular lot will still get allotment but this 1 applicant won't.
5. If someone apply multiple lots in a particular lot series and achieve ratio then his chances of getting lot increases many folds. And if no one has applied in that series then sure allotment.

Ratio is favourable in BHNI.

You are correct