SCSB is a bank which offers the facility of applying through the ASBA process. A bank desirous of offering ASBA facility is required to submit an application to SEBI, for inclusion of its name in SEBI’s list of SCSBs. ASBAs can be accepted only by SCSBs, whose names appear in the list of SCSBs displayed in SEBI’s website. On inclusion in the list of SCSBs, a bank may commence its activities as an SCSB with effect from the 1st or 15th of a month, whichever is earlier, from the date of such inclusion. Such a SCSB is then deemed to have entered into an agreement with the issuer and is required to offer the ASBA facility to all its account holders for all issues to which ASBA process is applicable.
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