18 commercial banks and 9 development banks now associated with ASBA system

SEBON has provided approval to 16 additional companies for Applications Supported by Blocked Amount (ASBA) system, taking the total number of companies associated with ASBA to 27. SEBON has also been reviewing applications from additional banks and financial institutions, and will continue to provide approval for the system to qualified companies. With new companies now associated, SEBON is hopeful that the process to implement ASBA system will be carried out easily. Issuing a press statement, SEBON also said that the system is optional for now. It hopes to make ASBA system compulsory for public offerings after incorporating “C” class financial institutions in the system.