BSE develops interface for banks to participate in ASBA

Mumbai, Sep 2 (UNI) The Bombay Stock Exchange (BSE) today said it has developed an interface for the banks to participate in the -- Application Supported by Blocked Amounts (ASBA) process.

Using this interface, the banks would be able to upload the bids with respect to their customers into the electronic book of the exchange, a BSE release said here today.

This new initiative for IPO transaction was proposed by the capital markets regulator, Securities and Exchange Board of India (SEBI).

''The interface will facilitate not only the controlling branch but also the designated branches of the banks to directly upload the bids into the electronic book of the exchange,'' BSE said.

BSE has successfully tested the interface with 11 major banks and is in the process of testing with other banks that have evinced interest in participating in ASBA process, it added.

UNI PP RN SKB1843