Asba application
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2012
Is it possible to make an application though ASBA mode from my Cash Credit A/c?
CA Sumat Singhal
(Expert)
18 February 2012
READ IN TOTAL
ASBA FAQ- When the banks will need money in customers account to lock for ASBA payment option?
Bank will need the money in investor's account at the time of placing the bid for IPO shares through ASBA payment option. SEBI has clearly instructed that banks will not accept IPO application before blocking the bidding amount (for ASBA process).
Cash credit is an arrangement under which a customer of a bank or financial institution is allowed an advance up to certain limit against credit granted by bank. That means a loan may be granted say for Rs. 1 Lakh however the customer/borrower of the loan may take the amount of loan to the extent required by him but not exceeding the limit of Rs. 1 Lakh.
SO this can be inference that CC can not be used for placing order.
Opinions are invited.
ASBA FAQ- When the banks will need money in customers account to lock for ASBA payment option?
Bank will need the money in investor's account at the time of placing the bid for IPO shares through ASBA payment option. SEBI has clearly instructed that banks will not accept IPO application before blocking the bidding amount (for ASBA process).
Cash credit is an arrangement under which a customer of a bank or financial institution is allowed an advance up to certain limit against credit granted by bank. That means a loan may be granted say for Rs. 1 Lakh however the customer/borrower of the loan may take the amount of loan to the extent required by him but not exceeding the limit of Rs. 1 Lakh.
SO this can be inference that CC can not be used for placing order.
Opinions are invited.
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