This facility would be available to clients registered for on-line share trading and who has furnished Power of Attorney (POA) to ACMIIL.
IPO subscription option would be provided on the web page by ACMIIL.
Client who wish to avail Online IPO subscription would select the IPO after logging into the system and indicate the number of shares he wishes to apply for with other relevant details like bid price, etc.
System would show the total amount payable by him on application.
If more than one Issue is open (i.e. available for subscription) the client can like wise select the desired IPO and indicate the quantity of shares proposed to be applied for. If issue is on a book building route, the client would indicate the bid price per share. System will indicate to him the total amount payable on application. ACMIIL system will validate the request and give option to him for making payment through Bank of India payment gateway.
Therefore the client should also be registered for our internet banking with fund transfer facility.
The system will usher the client to StarConnect Internet banking service of Bank of India.
Client logs in to the StarConnect. (with User ID and password )
Client transfers the requisite amount from his bank account to the designated bank account of the stock broker for this purpose. Amount will be shown in a non alterable field i.e amount cannot be altered by the client.
Based on credit received in account stock broker will complete the Share Application Form giving clients details as available to him in the client Registration Form POA and submit the same to the Issuer Company along with due payment.
If there is any difference in number of shares applied for, application money (amount credited to ACMIIL Bank Account is less than the application money payable) ACMIIL will inform client by e-mail/telephone immediately,
If amount received is in excess of the subscription amount, ACMIIL will similarly inform client and credit the amount back to clients’ bank account. Though the above two situations may not arise.
ACMIIL would dispatch (courier/post) Receipt/Acknowledgement for having deposited the Application and Application Money to the client directly.
Client`s queries in the matter would be handled by ACMIIL or client would have to take up with Issuer Company.
Client`s designated demat account would be directly credited by the Issuer company/R&TA with number of shares allotted.
In case number of shares allotted is less or no shares have been allotted, Issuer Company/R&TA will directly credit the bank account of the client with appropriate amount.
There would be nominal processing charge (out of pocket expenses) levied by ACMIIL for filing application (processing, documentation, courier) on behalf of the clients which would be recovered at the time client transfers application money to ACMIIL’s bank account.