UPI ASBA (Unified Payments Interface — Application Supported by Blocked Amount)

Mon, 11 May 2026 00:00:00 +0000

UPI ASBA is the retail-investor payment mechanism for Initial Public Offering applications in India, in which the applicant authorises a one-time UPI mandate that blocks (rather than debits) the application amount in the applicant’s own bank account until allotment is finalised. UPI ASBA is a specific operational form of the broader ASBA framework introduced by SEBI in 2008, layered on top of the Unified Payments Interface (UPI) rails operated by the National Payments Corporation of India (NPCI). It was made compulsory for retail individual investors applying through a stockbroker by SEBI’s Phase II circular of 28 June 2019 and is, as of mid-2026, the only payment route available to retail bidders going through an intermediary such as Zerodha, Groww or Upstox.

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UPI ASBA (Unified Payments Interface — Application Supported by Blocked Amount)