Can I apply IPO in the name of family members & friends from my saving bank account?

Alert: All the banks stopped offering the 3rd Party ASBA IPO application from 1st May 2022. From now onwards, the PAN number of the primary account holder in the Bank Account and Demat Account should be the same for valid IPO applications. HDFC Net Banking allows Minor, HUF, and Company accounts to apply for IPO shares online. For other banks who doesn't offer onine IPO applications to Minor, HUF, and Company accounts, you have to submit the Paper IPO Application forms to the bank branch. The UPI limit for IPO applciation increased to Rs 5L per transaction. There are two categories of banks for applying in IPO using ASBA.  Banks offering 3rd Party IPO Application Banks like SBI, Asix, and RBL offer the 3rd Party IPO application. You can apply in up to 5 IPO applications using one bank account with these banks. If you have a bank account in any of these banks, yes, you could apply in an IPO in the name of a family member or friend's name as long as they have their demat account and PAN number. It is the only way to apply in an IPO online in the name of Minor and HUF. Banks offering Self IPO Applications Only Other banks like ICICI, HDFC, etc. offer only 1 IPO application per bank account. In this case, the bank account, demat, and PAN number should belong to the same person. Note: As per regulation; The allotment is done based on a unique PAN Number. Only 1 IPO application is eligible per PAN number. It does not matter which bank account you use when applying in an IPO through ASBA as a payment method. In the case of UPI as a payment method, the bank account should be on the applicant's name.