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I have applied for Punjab & Sindh Bank IPO using the HDFC Securities account, for 300 shares at the full price of 120/-

But today when I checked my bank balance, I see that 36000 is debited from my account for this IPO Application.

Can someone tell if this is the process? I believe ASBA should hold the money in your bank account and the money should be only debited upon the allocation of shares.

Do you know how I would get the refund money for the unallotted shares? whether it will be a refund cheque at my home address or the direct deposit into my hdfc bank account

Thanks