SEBI issued a Circular dated June 2, 2021, on streamlining the process of initial public offers (‘IPOs’) with the Unified Payment Interface (‘UPI’) for applications supported by blocked amounts (‘ASBA’) and redressal of investor grievances. As per the Circular, amongst others: (a) the details of the total number of shares applied, allotted or non-allotted will be included in the SMS for public issues opening on or after January 1, 2022; (b) the automated web portal will be live and operational on or after October 1, 2021 and the requisite information on the automated portal will be updated in intervals not exceeding two hours; and (c) the registrar to the IPO will provide the allotment/revoke files to the sponsor bank by 8:00 p.m. on T+3 (‘T’ being the issue closing date), i.e., the date when the basis of allotment (‘BOA’) has to be finalised. Further, the sponsor bank will execute the online mandate revoke file for non-allottees/partial allottees and provide the pending applications for unblock to the registrar to the IPO, not later than 5:00 p.m. on BOA+1 and subsequent to the receipt of the pending applications for unblock from the sponsor bank, the registrar to the IPO will submit the bank-wise pending UPI applications for unblock to the self-certified syndicate banks, not later than 6:30 p.m. on BOA+1.