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Tuticorin-based Tamilnad Mercantile Bank (TMB) will offer ASBA (Applications Supported by Blocked Amount) facility for applying to initial public offers (IPOs)/FPOs/Right Issues with effect from February 1 to its customers.
Mr S. Selvan Rajadurai, General Manager, Business Development, TMB, HO, in a release to press, said, ASBA was introduced by SEBI in 2008, in which the application money will be simply blocked in the applicants bank account itself till allotment of shares, authorising banks as “Self Certified Syndicate Banks” (SCSB) for the purpose of undertaking ASBA process and has included TMB as one of the SCSBs recently.
The benefits of ASBA to investors are that they need not pay any money by cheque, easy refunds, the applicant's money continues to earn interest and in one account, a maximum of five applications can be blocked, he added.
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