Trading Members, Self-Certified Syndicate Banks (SCSBs), Registered Depository Participants and Registrar and Transfer Agents are hereby informed that SEBI vide its circular no. SEBI/HO/DDHS/CIR/P/2020/233 dated November 23, 2020 (Annexure I) has inter alia introduced the following:

·         Unified Payments Interface (UPI) mechanism in addition to the already specified modes under the ASBA

Permitting the UPI mechanism to block funds for application value upto Rs. 2 Lac submitted through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants)

Pursuant to implementation of UPI Mechanism in Debt Public Issue, there are changes in process of Bid capture through online screen (single bid entry) , API as well as through the File Upload facility (bulk entries)  by intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants) for bidding of Individual Investor bid amount upto Rs.2,00,000/- through iBBS (internet Based Book Building Software) of BSE under:

1.       Single Bid Entry

The User will have the option to choose following bid options:

• ASBA Bid – Existing process to continue
• UPI Id Bid – The User is required to enter the UPI Id provided by the investor

2.       File Upload Facilities for Bulk Entries/ API

• ASBA Bid – Existing process to continue
• UPI Id Bid – The User is required to mentioned Bank Code as “8888” and Location as “UPIIDL” and UPI ID (upto 45 Characters) while uploading bids

3.       No Change in file Format

• Intermediaries are requested to note that there is no change in the bulk upload file format except the length of Bank Account/ UPI ID field is increased to 45 characters
• The File format with field descriptions and expected values is attached for information (Annexure II)

4.       Addition/ Modification/ Part Cancellation of Bid

• An investor shall not be allowed to add or modify the bid(s) of the application except for modification of either DP ID/Client ID, or PAN but not both
• The investor can withdraw the bid(s) submitted under single application and reapply
• The part cancellation of bid in single application is not allowed

5.       DP Id & Client ID and PAN combination Validation with Depositories

·         Once the bid has been entered on iBBS platform, the Exchange shall undertake validation of the PAN and Demat account combination details of investor with the Depository on near real time basis

·         The Exchange would share response with intermediaries through iBBS platform, for corrections, if any

6.       The Block Process

• Post undertaking validation with the Depository, the Stock Exchange shall, on a continuous basis, electronically share the bid details along with investors UPI ID, with the Sponsor Bank appointed by the issuer
• The Sponsor Bank shall initiate a mandate request on the investor i.e. request the investor to  authorize  blocking  of  funds  equivalent  to application  amount  and  subsequent  debit  of  funds  in  case  of allotment
• The request  raised  by  the  Sponsor  Bank,  would  be  electronically received by the investor as a SMS / intimation on his / her mobile no. / mobile app, associated with the UPI ID linked bank account
• The investor shall be able to view the amount to be blocked as per his / her bid in such intimation
• The investor shall be able to view an attachment wherein the public issue bid details submitted by investor will be visible. After reviewing the details properly, the investor shall be  required to  proceed  to  authorize  the  mandate
• Such mandate raised by sponsor  bank  would  be  a  one-time  mandate  for  each application in the public issue

·         The receipt of SMS for mandate acceptance is depend upon the system response/ integration of UPI on Debt Public Issue System

·         The investor shall check his/her PSP or Bank’s app for receipt of mandate if no SMS has been received for Mandate acceptance

7.       Modification of Selected Fields

• The Users shall be allowed to modify of selected fields viz. DP ID/Client ID or Pan ID (Either DP ID/Client ID or Pan ID can be modified but not BOTH) upto T+1 day for validated bids

8.       Status Report of UPI Bids

The Users will get the following status of UPI Bids entered by them on iBBS platform in UPI Order Book report:

1.       Confirm Bid - With amount of confirmation

2.       Reject Bid - With Reason of Decline/ Rejection

3.       Pending Bid - Pending Confirmation by the Investor

9.       Re-initiation of Bids

• The Intermediaries will have the option to Re-initiate the bids which are pending for confirmation by the Investors
• The facility of Re-initiation/ Resending the UPI mandate shall be available only till 5 pm on the day of bidding
• Re-initiation can be activated through single bid/ multiple bids selection in UPI Report

10.   UPI Mandate Acceptance

11.   SMS from the Exchange

·         The Exchange shall send an SMS to the investor regarding submission of his/ her application at the end of day, during the bidding period. For the last day of bidding, the SMS shall be sent the next working day

Trading Members and Intermediaries are requested to note that there is no change in the existing process for bidding through iBBS platform for ASBA bids.

SCSBs are requested to note that there is no change in the existing process for bidding through iBBS platform for SCSBs pursuant to introduction of UPI payment Mechanism.

The facility of DP Id & Client ID and PAN combination validation with the Depositories on real time basis and Addition/ Modification/ Part Cancellation of Bid guidance will be applicable to ASBA bids also.

BSE has made the necessary changes and modification in its bidding platform – IBBS (internet-based Book Building Software) and the same will be available to all intermediaries for public issue of debt securities which opens on or after January 01, 2021.

Trading Members, SCSBs and all intermediaries are requested to provide necessary guidance to their investors in use of UPI while making applications in Debt Public Issuers.

The revised API document incorporating the above changes is also released and available for Trading Members, SCSBs and all intermediaries for implementation.

Trading Members, SCSBs and all intermediaries are requested to contact/ write us on the following email ids for any further details/ clarifications:

Activities	Email ID
Regulations & Business Rules	listing.sales@bseindia.com
Functionality of Debt Public Issue module	ibbs.ops@bseindia.com

Sandeep Pujari                                                                            Bhushan Mokashi                                           

AGM- Trading Operations                                                        ADGM- Listing Sales

December 28, 2020