For Indian public issues under the current T+3 working-day framework, allotment is processed around T+1, shares are credited to demat accounts around T+2, and listing is scheduled for T+3, counted from the issue’s closing day. You can sell only after trading begins on the exchange and the allotted shares are credited to your demat account.
Allotment, demat credit and listing are different steps
Allotment determines how many shares an applicant receives. Demat credit is the electronic posting of those shares to the investor’s demat account. Listing is when the exchange admits the shares to trading. A result showing that you received an allotment does not by itself mean the shares are already in your account or available to sell.
When are IPO shares allotted, credited and listed?
SEBI reduced the public-issue listing timeline from T+6 to T+3 working days in its August 9, 2023 circular. The T+3 requirement applies to public issues opening on or after December 1, 2023, according to SEBI’s consolidated ICDR material.
In this timeline, T is the working day the issue closes. NSE’s published operational sequence gives the usual milestones:
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| Milestone | Usual position | What it means |
|---|---|---|
| Basis of allotment | T+1 working day | The designated exchange carries out the basis-of-allotment process; the result indicates how many shares, if any, an applicant is allotted. |
| Depository credit confirmation | T+2 working day | The issuer submits confirmation that allotted shares have been credited through the depositories. |
| Listing and trading | T+3 working day | The shares are scheduled to be listed, subject to the required approvals; trading can begin once the exchange opens trading in the stock. |
These are working-day milestones, not guaranteed calendar-day dates. Weekends and exchange holidays affect the calendar, and the issuer’s timetable is indicative: listing and trading approvals are also required. For a particular IPO, check its offer documents and timetable, the registrar’s allotment-status page, and the relevant exchange notice.
Can you sell IPO shares on listing day?
Yes, if the shares have been credited to your demat account and trading in the newly listed stock has begun. NSE’s investor FAQ states: “You can trade in new shares after they are listed and after ensuring that the allotted shares have been credited into your Demat Account.” In practice, confirm the shares appear in your account and place an order through your trading channel after the exchange starts trading that stock.
An allotment result, a demat-credit alert or an announced listing date alone is not permission to sell. NSE’s FAQ also says off-market transfers cannot be made before listing. Its separate answer giving a T+6 listing deadline is outdated and should not be used as the current timeline.
What to do if allotted shares are not credited
NSE identifies several possible credit problems: the demat account is inactive or barred from receiving credits, the account details do not match, or the demat account number in the bid file is incorrect. If your allotment is confirmed but the shares do not appear:
- Check that the demat account is active and able to receive credits.
- Compare the account details in your IPO application with the details held by your depository participant.
- If the shares remain missing, contact the issue registrar and provide the account documentation it requests.
What happens to the application money?
ASBA keeps the application amount blocked in your bank account while allotment is pending; it is not the same process as crediting shares to a demat account. If shares are allotted, the amount due is debited. If there is no allotment, no refund is needed because the money was blocked rather than transferred away. SEBI also identifies UPI as an available IPO payment mechanism.
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