How to fix an IPO refund not received on Zerodha

Sat, 20 Jun 2026 00:00:00 +0000

An IPO refund not received on Zerodha almost always means an ASBA lien that the bank has not yet lifted, not money that has gone missing. Under UPI ASBA , your bid amount was never debited; the bank placed a hold on it. After a non-allotment , the registrar instructs the bank to release that hold, and your available balance is restored. When the “refund” seems not to have arrived, the lien is usually still in place at the bank, and the fix is to track it and, if it stalls, escalate through Zerodha, then the bank, then SEBI. This guide sets out the timeline, why a stall happens, and the exact escalation order.

SCSB Escalation on WebNotes

How to fix an IPO refund not received on Zerodha