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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchIf your Indian IPO application receives no allotment, you usually do not need to request a conventional refund: with ASBA, the application amount is blocked in your bank account, and with a UPI mandate, the blocked funds are unblocked or reinstated when the mandate expires if no shares were allotted and no debit was made. First confirm the allotment result, then check whether your funds are blocked or were actually debited.
Confirm the allotment result
Check the result through the official status route for that IPO, such as the issue registrar or an exchange-linked status page. A missing SMS or email alone does not prove that you were not allotted shares. SEBI notes that allotment communication is separate from notification of a bank debit, so check the allotment result and your account or mandate status independently.
Check how you applied and what happened to the funds
| Payment route | What happens to the application amount | What to check after no allotment |
|---|---|---|
| ASBA | The amount is blocked in your bank account while the application is processed. If no shares are allotted, SEBI says no refund is required. | Check the ASBA account for a continuing block and confirm the issue’s allotment result. |
| UPI mandate | The mandate blocks the funds. If no shares are allotted and no amount is debited, SEBI’s UPI FAQ says the funds are unblocked or reinstated when the mandate expires. | Check the mandate status and expiry, and review your bank account for an unexpected debit. |
For a UPI application, a release may depend on the mandate expiry rather than the date you first see the allotment result. The relevant date depends on the particular IPO and mandate; check the issue documents and current bank or UPI status rather than assuming one calendar deadline applies to every application.
What to do if the amount is still blocked or was debited
- Compare the records. Check your application acknowledgement, allotment status, UPI mandate or ASBA block, and bank statement. If you received an allotment, compare the debit with the value of the shares allotted.
- Contact a party that can trace the application. For an ASBA block, contact your bank or Self-Certified Syndicate Bank (SCSB). For a UPI mandate issue, contact your bank and UPI app; the registrar to the issue or the intermediary through which you applied may also be able to investigate.
- Report an incorrect debit or excess amount. SEBI’s UPI FAQ identifies the lead manager, bank, registrar and transfer agent (RTA), UPI app, or application intermediary as possible complaint channels when the debit exceeds the allotment value. Include your application details and the Unique Mandate Number, if applicable.
- Keep evidence with your complaint. Provide the first bidder’s name, application or ASBA number, DP ID and Client ID, PAN, address, number of shares applied for, application date, and ASBA account number or UPI ID, as relevant. Attach the acknowledgement, mandate notification or number, screenshots, and relevant bank statement entries.
For offer-related grievances, SEBI-hosted offer guidance advises contacting the Registrar to the Offer and copying the designated intermediary where the application was submitted. The registrar and contacts differ by IPO, so use the current offer documents to identify them.
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Escalate an unresolved IPO grievance
First raise the issue with the concerned company or intermediary and give it the application and payment records needed to investigate. If you are dissatisfied with the response, lodge a complaint through SEBI’s web-based SCORES grievance system, where you can follow and track it. SEBI says entities against which complaints are lodged must file an Action Taken Report within 30 days of receiving the complaint; that is a filing timeframe, not a guarantee that the complaint will be resolved in that period.
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