SEBI introduced a new payment option ASBA (Application Supported by Blocked Amount) as an additional payment mechanism for the benefits of certain investors applied in IPO (Initial Public Offers). This option would be available to retail investors only. It is also an exclusively available payment option for the investors applying in right issue of shares, which means the additional shares offered to existing share holders of a listed company based on preference. According to the investors who experienced this new trend application, it is definitely a 100% success from SEBI’s new application. With this payment option the application money remains in the investors account until the shares are released. So no money is goes out from the investors account.
How much valuable can one lakhs be any idea? Those who have earned would know how much value they mean and how much they are hard in earning, but the RBI has reduced its value, without thinking that a car is available for that money , yes its the truth from May 2 a cheque will have to be above 5 lakhs and from August it should be above 10 lakhs to get the status of “High Value” before that a cheque for 1 lakhs was given the consideration and would be cleared on the same day itself. From November 1 there will be no high value clearing and status. The banks are busy with signing the customers a special form to use RTGF ( Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer).
RBI is planning to bring in electronic clearing in all transactions in the near future, you being a retail investor should verify that if your broker, financial advisor is having your RTGF or NEFT number its usually found in the cheque book with 11 numbers, there are problems that comes with the RTGF there would be no proof that the money has been credited until your bank statement arrives.
What you think about this good enough? Indian banks are just developing ? Comments please?