What is a registrar to the issue?

The registrar to the issue is the firm a company appoints for a public issue. It takes the electronic bids, matches them to PAN and demat records, rejects forms that fail the checks, and prepares the basis of allotment. The designated stock exchange approves that basis. The registrar then tells NSDL or CDSL which accounts to credit, and tells the banks which blocks to release.

You do not pick this firm. The offer document names it, and the exchange’s page for the issue repeats the name. Two issues in the same month can have two different registrars. Searching “IPO allotment” without the company name is how people open the wrong site.

SEBI’s general information document sends four kinds of question to this desk: allotment, a missing allotment advice, credit of the shares, and unblocking of the application money. When you write, quote the full name of the first applicant, the application number, the DP ID, the client ID, the PAN, the number of shares, and the amount that was blocked. The status page itself usually asks for the PAN, the application number, or the demat numbers.

The basis of allotment is the category table. Your own line is a separate lookup. Allotted, not allotted, and rejected are three results. A valid form that lost the retail draw is “not allotted”. A form that failed a PAN match, a second application, or a mandate that was never accepted is “rejected”. The status guide is the lookup. The allotment guide is the draw that sits behind a valid form.

On the T+3 clock, rejections and the basis are finished before 6 pm on T+1, and the exchange approves the basis before 9 pm on T+1. Share credit is completed before 6 pm on T+2. Until that approval, a broker screen that says the bid was submitted is only the bid.

The registrar is also who you write to if the shares are missing after that credit time, or if you cannot tell a rejection from a lost draw. The bank is the next call when the complaint is the blocked money. SEBI SCORES is the step after those two. A grey market premium is not a field on the registrar’s file.

What people mix up

• The lead manager runs the offer. The registrar runs the forms and the credit file.
• The depository participant holds your demat account. The registrar instructs the depository. You still read the result on the registrar’s site first.
• One PAN, one form. A second form can be rejected as a multiple bid. Up to 3 prices on a single form are still one bid.

The capital gains calculator starts only after you sell the shares the registrar credited. Allotment itself is not a tax event.