IPO money still blocked? What to do

With UPI and ASBA applications, an IPO 'refund' is really an unblock: the money never left your account. It should be released within a day or two of the allotment.

When the money is released

Under SEBI's T+3 timeline, the allotment is finalised the working day after the issue closes, and blocked money is released by the next working day, before listing. Each IPO's page on IPO Khata shows its refund date.

If you were allotted shares, only the amount for those shares is debited; the rest is unblocked. Check the allotment first: a debit you did not expect may simply mean you got shares.

If the money is still blocked

Look in your UPI app's mandate section: the IPO mandate should show as completed or revoked. Then check the bank account: some banks show the block as a lien or hold on the balance rather than a transaction.

If the refund date has passed and the amount is still held, contact your bank first; the block sits with the bank. Quote the IPO name, the UPI ID or application number, and the amount. If the bank does not resolve it, contact the IPO's registrar with your application number.

Escalating

SEBI rules require banks to unblock on time and set compensation for delays, payable by the bank. If the bank and the registrar do not fix it, you can file a complaint on SEBI's SCORES portal.

Keep the bid confirmation from your broker and a screenshot of the mandate: they make any complaint much quicker to settle.

Related guides

• The IPO UPI mandate, explained
• How to check IPO allotment status
• How IPO allotment works

More on subscription, allotment and refunds

• What is IPO subscription (times subscribed)?
• How to improve your chances of an IPO allotment
• Why IPO applications get rejected
• What happens when an IPO is undersubscribed
• IPO shares not showing in your demat account
• Why big IPOs are easier to get

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Information, not investment advice. GMP is an unofficial grey-market indicator; figures come from public sources (InvestorGain) and may be late or wrong. Not registered with or affiliated to SEBI, the exchanges, the registrars or InvestorGain.