SBI to start ASBA from Sep 1

Mumbai, Aug 30 (UNI) State Bank of India, which has been certified as SELF CERTIFIED SYNDICATE BANKERS by Securities and Exchange Board of India (SEBI), will make available the facility of Applications Supported by Blocked Amount (ASBA) from September one to retail investors in shares.

SBI in a release here said that investments upto Rs one lakh would be entertained under the facility. Investors having the account in any of the 24 identified branches of the bank will be able to apply for shares at any of the identified branches.

The facility will ensure that the investors do not have to part with their money till the allotment is finalised. Thus, the investors who do not get the allotment would not have to wait for the refund. This is an extremely investor friendly measure taken by the Bank.

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