@Chhote Lal @Dhiraj Ramchandani It did happen in the past that funds are blocked by registar and people missed the deadline. for example, if one apply for an ipo having last date today (9th Sept), then there are 1% chance that his fund might be blocked by 4:00 PM on 11th Sepetmber.
And this happned irrespecyive of mode of paymmet, UPI, ASBA etc etc.
So it do depends upon registrar to some extent and Registrar should able to release the fund by 11th afternoon, but in some cases, registrar released teh fund by evenign and that resulted in missing of some of teh IPO.