When will I get my IPO money back?

Under SEBI's T+3 timetable, unblocking is to be completed by 4 pm on T+2, the second working day after the issue closes.

My IPO money is still blocked after allotment. What should I do?

Check your available balance and UPI mandate status. If it is still blocked on T+3, contact your bank with the application and mandate details, then the registrar. If unresolved, complain on SEBI SCORES.

Is there compensation for delayed IPO refund?

Yes. SEBI's master circular currently prescribes ₹100 per day or 15% a year on the amount, whichever is higher, counted from T+3 for non-allotted or partly allotted applications.

Why is the word refund used if money is only blocked?

It is a legacy term from cheque-based applications. Under ASBA and UPI, the correct term is unblocking.

Do I earn interest while money is blocked?

The money stays in your savings account, so it normally keeps earning your bank's savings interest. Check with your bank.

How do I file a complaint on SCORES?

Register at scores.sebi.gov.in with your PAN and contact details, choose the entity (bank, registrar or company) and describe the problem with the application and mandate references. The entity must respond within 21 calendar days.

What if I cancelled my bid but the money is still blocked?

SEBI's compensation rules cover delayed unblocking of cancelled or withdrawn bids, counted from the date the cancellation was placed on the exchange platform. Raise it with your bank first.

The amount was blocked twice for one application. Is that allowed?

No. SEBI's rules require the bank to revoke any extra blocked amount immediately and compensate you on the excess.

IPO guides

IPO Refund and Unblocking: When Your Money Is Released and What to Do If It Isn't

By IPOCheckr Editorial TeamLast reviewed 6 Nov 2026

In an IPO your money is blocked, not debited. If you get no allotment, or fewer shares than you bid for, the unused amount must be unblocked by 4 pm on T+2 – the second working day after the issue closes. If it is still blocked after that, contact your bank first, then the registrar and lead manager, and if the problem is not resolved, file a complaint on SEBI SCORES. SEBI's rules require compensation for delayed unblocking.

Deadline

Unblocking is to be completed by 4 pm on T+2 under SEBI's T+3 timetable.

Who acts

Your bank (the SCSB) releases the block on instructions from the registrar via the sponsor bank.

Compensation

Currently ₹100 a day or 15% a year on the amount, whichever is higher, for delays counted from T+3.

Escalation

Bank → registrar / lead manager → SEBI SCORES.

Blocked, not refunded

When you approve a UPI mandate or apply through net banking ASBA, your bank places a hold on the bid amount. The money stays in your account and may continue to earn savings interest; you simply cannot spend it.

After allotment, the registrar sends instructions for each application: debit the amount for shares allotted and release the rest. ‘Refund’ is a holdover word from the days when investors paid by cheque. Today, for nearly every retail application, the correct term is unblocking.

Exactly when it should happen

SEBI's T+3 timetable sets these steps after the issue closes on day T:

T+1 evening: the basis of allotment is approved by the stock exchange.
T+2, by 9:30 am: the registrar starts issuing debit and unblock instructions to the banks and the UPI sponsor bank.
T+2, by 2 pm: debits for allotted shares are completed.
T+2, by 4 pm: unblocking of all other amounts is completed.
T+3: shares list.

Partial allotment and what you will see

If you bid for three lots of ₹15,000 each (₹45,000 blocked) and receive one lot, your bank debits ₹15,000 and releases ₹30,000. In your UPI app you may see the mandate marked as executed for ₹15,000, and in your bank statement the lien on ₹45,000 disappears and a ₹15,000 debit appears.

If you are not allotted, the full ₹45,000 should show as available again. Some banks show the release as a separate line; others simply remove the hold without a statement entry, which can make people think nothing has happened. Check your available balance rather than only the passbook.

How to check whether your money has been unblocked

Work through these before raising a complaint.

Confirm the allotment result by PAN on the registrar's site or IPOCheckr's allotment checker.
Open your UPI app's mandate section. The IPO mandate should show as revoked, expired or executed.
Check available balance in your bank app, not just the transaction list.
In net banking, look for an ‘ASBA’, ‘IPO’ or ‘lien’ section that lists active blocks.
Confirm whether it is a working day issue – a holiday between T and T+2 shifts the timetable.

If the money is still blocked: escalation steps

If the amount is still blocked on T+3, start with the bank, because the bank holds the lien. Under SEBI's rules the SCSB is responsible for compensating you for delayed unblocking of non-allotted or partially allotted applications.

1. Your bank: call or write to customer care quoting the IPO name, application number, UPI mandate reference (UMN) or ASBA reference, amount and date. Ask for the lien to be released and note the complaint number.
2. Registrar to the issue: the registrar named in the RHP has an investor grievance email. Send the same details and your PAN. The registrar can confirm whether the unblock instruction was sent.
3. Lead manager: the RHP lists the compliance officer or investor grievance contact of each lead manager. SEBI's rules also provide additional compensation by the post-issue lead manager if a grievance is not redressed promptly.
4. SEBI SCORES: if you are not satisfied, lodge a complaint at scores.sebi.gov.in. The entity must respond within 21 calendar days. If you are unhappy with the response, you can seek a first review by the designated body and then a second review by SEBI, each within 15 days of the previous response.

Compensation for delays

SEBI's ICDR Master Circular sets a uniform compensation formula for unblocking problems. The rate currently is ₹100 per day or 15% per year of the amount, whichever is higher.

Worked example: ₹15,000 stays blocked for 5 days beyond the deadline. 15% a year on ₹15,000 is about ₹6.16 per day, so the ₹100 per day figure is higher: compensation would be about ₹500. For a much larger amount, the 15% calculation can exceed ₹100 a day.

Delayed unblock for non-allotted or partially allotted applications: counted from T+3 until actual unblock; paid by the SCSB.
Delayed unblock for cancelled or withdrawn bids: counted from the date of cancellation; paid by the SCSB.
Multiple amounts blocked for one UPI application, or more than the application amount: the excess must be revoked immediately, with compensation on the excess.
Delay in redressing a grievance: additional compensation by the post-issue lead manager, from the day the grievance is received.

Common reasons for a stuck block

Most cases come down to a mismatch between systems. A mandate approved after the 5 pm cut-off on T day can block money for an application that the exchange never accepted. A bank that is slow to process the sponsor bank's file can leave a lien in place. Occasionally an investor applies twice through two apps and only one application is valid. In each case the fix is the same – the bank must release the hold – and the compensation rules above apply where the bank was at fault.