The basis of allotment is the table that shows how shares in a public issue were shared. It is category by category. Retail, non-institutional investors, institutions, and any reservation each have a line. The table says how many people applied, how many shares that category had, and how those shares were given out.
The registrar prepares it. That work starts after rejections. The company and the book-running lead managers sit with the registrar on the numbers. BSE’s general FAQ for investors says the registrar then sends the basis to the stock exchange for approval. The exchange that approves it is the designated stock exchange named for that issue. Until that approval, the basis is a draft.
Your own result is a different screen. SEBI’s February 2025 investor note says the registrar posts the allotment intimation. You search with the PAN or the application number. The basis tells you the rule that was applied to your category. It does not replace that personal lookup. NSE and BSE both carry investor pages for a public issue. Demand figures while the book is still open are not this table.
What the table is proving
The basis is the proof that the company followed the reservation. On the profitability route, retail is at least 35% of the net public offer, non-institutional investors at least 15%, and institutions not more than 50%. On the compulsory book-built route the split is different: institutions at least 75%, or the subscription money is refunded, and retail not more than 10%. The offer document prints the split for that issue. The basis is where you check the split was honoured.
Inside retail, the general information document sets the method. Divide the retail shares by the minimum lot. If more valid applicants exist than that number, a draw of lots gives one lot to the names it picks. If fewer applicants exist, everyone gets one lot and the leftover shares follow the extra demand. The basis is the published result of that arithmetic. It is not a grey market premium, and this site does not print one.
The clock
Circular SEBI/HO/CFD/TPD1/CIR/P/2023/140 of 9 August 2023 cut listing to 3 working days. It has been mandatory for issues opening on or after 1 December 2023. Rejections finish by 6 pm on T+1. The exchange approves the basis by 9 pm on T+1. UPI amounts are unblocked before 4 pm on T+2. Shares are credited before trading starts on T+3.
If the company finds fewer than 1,000 prospective allottees, it cannot allot at all. There is then no basis that hands shares out. The block on your account is released.
The allotment guide walks through the quotas and the draw. The application guide is the form that comes before this table. Tax starts only when you sell, which is the capital gains calculator. Allotment itself is not a tax event.
Questions
Who prepares the basis of allotment?
The registrar prepares it after rejections, with the company and the lead managers. BSE’s investor FAQ says the registrar then sends it to the stock exchange. The designated stock exchange approves it.
When is the basis approved on the T+3 timetable?
On the timetable in SEBI’s circular of 9 August 2023, the exchange approves the basis by 9 pm on T+1. Trading starts on T+3. T is the closing day.
Does the basis tell me my own result?
It tells you the category result: how many people applied and how the shares were shared. Your own yes or no is on the registrar’s site, searched with the PAN or the application number.
Sources
Figures checked 31 Oct 2026.