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Self Certified Syndicate Bank (SCSB)
June 07 , 2012

A Self Certified Syndicate Bank (SCSB) is a Bank that participates in the ASBA system introduced by the regulator SEBI. Earlier, if you applied to an Initial Public Offer (IPO), you would need to pay the full application amount to the Escrow Account specified in the form. After the 2-3 weeks of processing time, the allotment would be made, and any excess amount would be credited back to your Bank account. In ASBA, you only authorise blocking the application amount in your own Bank account while applying. When allotment is done, only the money corresponding to the allotted shares gets debited from your account.

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