Affle India IPO was first to use new UPI mechanism – Economics Times

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Affle India IPO first to use new UPI mechanism; here’s how to invest

New Delhi: The Rs 459-crore initial public offer (IPO) by Affle India, a company in which Microsoft is a minority shareholder, will open for subscription on Monday.

This will be the first issue under the new UPI mechanism, which is mandatory for the retail investor category beginning July 1, 2019.

The Securities and Exchange Board of India (Sebi) in a circular on Friday said that all applications through the UPI in IPOs can be made only through the SCSBs/mobile applications (apps) whose name appears on the regulator’s website.

An application made using incorrect UPI handle or using a bank account of an SCSBs or bank which is not mentioned in the aforesaid list is liable to be rejected, Sebi said.

Investors whose bank is not live on UPI as on the date of this circular, may use the other alternate channels available to them viz. submission of application form with SCSB or using the facility of linked online trading, demat and bank accounts, Sebi clarified.