There can be multiple reasons for Zerodha IPO application rejection such as:
- If you did not approve the mandate, it will not be a valid application.
- Incorrect UPI ID: HNIs IPO applications once submitted, cannot be cancelled even to correct the UPI ID.
- Mandate rejected: Sometimes approved mandate can get cancelled due to technical issues at the exchange or the sponsor bank.
- Multiple IPO orders are submitted with same PAN, the exchange will cancel all of them.
