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Secondary market ASBA pilot in Dec
Mint Mumbai
|October 25, 2023
The stock market regulator plans to run a pilot for an ASBA-like facility in the secondary market in December, under which money will be transferred only after the actual share transfer. Till then, the funds remain in the investor’s bank account, and continue to earn interest.
ASBA, which stands for Application Supported by Blocked Amount, is currently available only for share purchases in the primary market.
The facility will be provided by integrating the Unified Payments Interface (UPI) service of ‘single-block-and-multiple-debits’ with the secondary market trading and settlement process. Under this service, customers can use the single block feature in UPI to block specific amounts in their bank accounts for specific payments.
This story is from the October 25, 2023 edition of Mint Mumbai.
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