Terms and Condition for Online IPO
Definitions:
- Account/s" shall mean an ICICI Bank's Account having valid access to ICICI Bank's Net Banking services.
- Customer/s" shall mean resident Indian individuals / HUF holding an Account with ICICI Bank
- Initial Public Offering (IPO) is the process by which a private company can go public by sale of its stocks to general public.
- Online IPO shall mean facility provided by ICICI Bank for its RI/HUF customer to apply for IPO using Retail Net Banking Facility
Online IPO Terms:
- By clicking on the "Submit", you will be leaving ICICIBank.com and entering website operated by third parties (ICICI Direct). ICICI Bank does not control or endorse such websites, and bears no responsibility for them.
- Initial Public Offer (IPO) or any Public Issue will be applied only in the name of primary account holder.
- If the PAN (Permanent Account Number) of the customer is not updated in ICICI Bank then they will not be able to apply for IPO.
- Customer authorize ICICI Bank to share its required account details ie Account Number, contact details and other details required for the application purpose with ICICI Direct for the purpose of IPO application
- The amount will remain blocked in customer bank account, it will only be debited to the extent of allotment when the shares are allotted.
- Online IPO in ICICI Bank is available only for Retail and HUF customers.
- Further, if the information furnished by the customer is incorrect, the application for IPO/Public Issue is liable to be rejected and Bank would not be liable for losses, if any.
- Customer has to ensure that the name on the PAN card matches with the Demat Holder's name i.e. PAN card and Demat details should be of the same person. ICICI Bank would not be liable for losses to the customer, if any, due to incorrect details provided by them.
- The blocked amount cannot be withdrawn. However, the same will lie in customer Bank Account till the allotment is finalized and will continue to earn interest as per Account terms applicable.
- ICICI Bank reserves the right to cancel the application for following conditions but not limited to:
- Account is in freeze mode
- Account status is dormant or inactive
- Details entered by the client is incorrect
- Applicant has to agree to all terms and conditions of the IPO before applying to the IPO
- ICICI Bank will not be liable and responsible for any acts/deeds/error/failure on part of the third parties.
Specific IPO Terms:
The following terms are to be read with the financial terms for credit provided on the Lender’s Website (“Specific IPO Details”) and are the most critical terms and conditions to be understood and accepted by the Borrower to avail this funding. Kindly do note the terms of the Specific IPO Details or take a copy of the screen if you require a record for reference or personal use. By applying for and availing this funding, you acknowledge and accept these terms along with the Specific IPO Details.
These terms along with the Specific IPO Details shall at all times be in addition to, subject to and read in conjunction with the Terms and Conditions for the IPO Facility, that have already been accepted by the Borrower and made available to the Borrower on the registered electronic mail address (“T&C”).
Summary of critical Terms:
| No. | Term | Explanation |
|---|---|---|
| 1. | Securities | Securities of the company going for the IPO. |
| 2. | Credit Limit | The aggregate credit limit for this IPO to the Borrower as made available by the Lender under Specific IPO Details. |
| 3. | Borrower Contribution | A sum aggregating to 50% (Fifty Percent) of the cost for purchase of the proposed number of Securities shall be contributed by the Borrower from its own resources lying in the Bank Account. |
| 4. | Repayment Date | Date prior to the Listing Date for the Securities. |
| 5. | Interest Rate | Interest at the rate indicated in the Specific IPO Details, shall computed on the basis of actual number of days elapsed from the date the Borrower applies and avails the Funding Amount (date included) till the Repayment Date (date including). The interest so calculated shall be lien marked upfront and the amount shall be deducted from the Borrower’s Bank Account basis this request for availing the Funding Amount on such terms as indicated in the T&Cs. |
| 6. | Fees | The amount payable as processing fee, costs etc. is as indicated in the Specific IPO Details. The Fee so calculated shall be lien marked upfront and the amount shall be deducted from the Borrower’s Bank Account basis this request for availing the Funding Amount. |
| 7. | Default Interest Rate | In the event the Funding Amount is not repaid on the Repayment Date additional interest shall be chargeable at the rate provided on the Specific IPO Details, computed on the basis of actual number of days elapsed, till the Lender has received the entire Outstanding Dues from the Borrower or from the sale of Specified Securities. |
| 8. | Security | Security Interest over the Specified Securities. THE BORROWER IS HEREBY PUT TO NOTICE that the nature of the facility is such that the Lender shall have the right to create, sell, transfer or dispose the Specified Securities (including associated rights) or Security Interest as attorney holder or as Lender, at the start of business on the Listing Date, WITHOUT THE REQUIREMENT OF ANY SEPARATE NOTICE OF DEFAULT OR SALE. The Borrower acknowledges and agrees to such notice as reasonable. |
| 9. | Bid Revision Terms | Once the Funding Amount has been drawn, the amount cannot be increased or decreased from the IPO Loan Facility until the IPO is over. In case the Borrower revises the bid for the specific IPO:
|