Registrar to an Issue

## The role A Registrar to an Issue (RTI) is the back-office engine of an IPO. Appointed by the issuing company and registered with SEBI, the registrar receives and validates all applications, reconciles the money blocked, decides who gets how many shares under the basis of allotment, processes refunds (or unblocks ASBA funds) for unsuccessful bids, and instructs the depositories to credit shares to allottees' demat accounts. In India the dominant names are KFin Technologies (KFintech) and Link Intime (now MUFG Intime).

## Where it fits in the IPO timeline After the issue closes, the registrar tallies bids across the retail, NII and QIB categories. For oversubscribed retail and S-NII portions, allotment is by lottery on lot-size rather than proportionate, so the registrar runs the draw under exchange supervision. It then publishes the basis of allotment, and this is the entity whose website (or the BSE/NSE portal) you check to see your IPO allotment status using your PAN, application or demat number.

Thanks to ASBA and UPI mandates, money never actually leaves your account until shares are allotted, so the registrar's job is largely to unblock funds for the unallotted and confirm credits for the allotted — a major reason listings now happen on a T+3 timeline.

## Why investors deal with it For a retail investor, the registrar is the practical point of contact for IPO grievances: non-receipt of allotment, refund/unblocking delays, or demat credit issues. SEBI requires every issue to name the registrar in the red herring prospectus with contact details and a SEBI complaint-redressal (SCORES) reference.

Tip: note the registrar's name from the IPO prospectus; bookmark its allotment-status page; and if a refund or unblock doesn't happen on schedule, raise it with the registrar first and escalate to SEBI's SCORES portal if unresolved.