Comment on Apply for IPOs using UPI

Jitendra commented on 22 Jan 2021, 10:25 PM

Its a major glitch or a Scam!

1. You Apply for IPO , UPI Mandate is Sent to your UPI-ID
2. You Approve the Amount over UPI, Amount is blocked by the Bank.
3. UPI status on Broker firm shows ” Request accepted by Sponsor bank” but Amount blocked is Zero.
4. You wait for a day or 2 but amount does not reflect as blocked.
5. You cannot cancel UPI mandate now in the bank.
6. As your amount not blocked by Brocker/Instrument , Application shall not be considered.
7. Your amount will not be revoked by bank on/before mandate end date.
8. You end up blocking your amount without applying to IPO.

Either bank/broker/instrument shall enjoy the blocked amount till refund initiation. It seems to be a kind of scam wherein many investor end up blocking amount totaling in billions for the IPO and someone is utilizing the same without anyone noticing. Mr H. Mehta fooled the system and system is fooling common people.

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