I applied IPO with Zerodha Platform, not yet received UPI Mandate. What to do?
5.1.Jai Ram yadavSep 12 2020 10:01:19 PM
Sir I applied ipo with zerodha platform not yet received upi mandate what to do
5.2.Team InvestorGainSep 13 2020 07:41:54 PM
Hello Sir,
Let us explain you the process how UPI based IPO application work -
1: Application through any broker's website with UPI information. 2: Your broker submits your application to BSE platform within minutes. 3: Now BSE sends request to the UPI platform for blocking the funds. 4: UPI platform sends the mandate to client usually this process takes between 30 mins to 24 hrs. 5: You accept the mandate via your UPI mobile app - this can be your net banking app or BHIM app. 6: UPI platform response back to BSE platform. 7: After confirmation from UPI platform your application get accepted. You will get email from BSE with application number.
As you can see, your broker (Zerodha, Upstox, Edelweiss, Prostocks) role is just to take your application and submit to BSE. In that case maximum time broker submits your application on runtime or max 30 minute window. After that all its between BSE and UPI platform. That is a big black box when you apply your application via UPI.
If you have not received UPI mandate from your UPI provider, in that case your application is not submitted to BSE for further processing.
Advice: In case you are planning to apply via UPI, please apply IPO on day one, so you can make sure if you have not received UPI mandate by next day, you can use the safest way which is ASBA.
If amount having in demat wallet how to buy IPO shares pls suggest
Regards . venkatesh Zerodha customer
4.1.Komal BhalgeNov 26 2019 10:48:21 AM
Demat is like an account where you store all your stock holdings. It is not a type of account to withdraw or deposit any money amount. You need to fund your IPO Application through your net banking account where you need to either choose UPI mode of payment or ASBA process for blocking the application amount. You need to provide your demat details with Zerodha in the IPO application form to receive the allocated shares (if you get) through IPO allotment.
Good and quick initiative, I have two accounts with zerodha and it's very easy now to apply in IPO. Still struggling with my parent's account which is with other brokers.
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