The Securities and Exchange Board of India (Sebi) has extended the date for providing ASBA - Application Supported by Blocked Amount - facility to investors for new fund offers (NFOs) launched by asset management companies (AMCs)
In a circular issued on Wednesday, the market regulator has extended the deadline to October 1, 2010. "It has been decided that Mutual Funds/AMCs shall provide ASBA facility to investors for all NFOs launched on or after October 1, 2010," said the Sebi circular.
The earlier circular had said that mutual funds had to compulsorily provide ASBA facility to the investors for all NFOs launched on or after July 1, 2010.
ASBA is a paperless facility wherein money remains blocked in the bank account of the investor at the time of application. The account is debited only at the time of the allotment of the units.
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