Role of Registrar in IPO Allotment (KFin, Link Intime)
Introduction
This document explains the role of the Registrar to an Issue in the IPO allotment process, with practical references to leading registrars such as KFin Technologies and Link Intime India.
Registrars act as independent intermediaries responsible for processing applications, finalizing allotments, and ensuring fair and SEBI-compliant distribution of shares.
Who Is the Registrar to an IPO?
The Registrar to an Issue is a SEBI-registered entity appointed by the issuing company to handle investor-related operations for an IPO.
Well-known IPO registrars in India include KFin Technologies, Link Intime India, Bigshare Services, and Cameo Corporate Services.
Key Responsibilities of the Registrar
The registrar plays a central operational role from IPO opening until share credit and refunds are completed.
- Application Processing – Collecting and validating IPO applications received via ASBA and UPI
- Data Reconciliation – Reconciling bids received from stock exchanges (NSE/BSE) with banks and brokers
- Duplicate Detection – Identifying and rejecting multiple or invalid applications using PAN as the primary identifier
- Category-wise Segregation – Separating valid applications into RII, NII, QIB, Employee, and Shareholder categories
Registrar’s Role in Basis of Allotment
One of the most critical responsibilities of the registrar is preparing the Basis of Allotment in consultation with the designated stock exchange.
This process determines how shares are allocated among valid applicants in each investor category, especially when the IPO is oversubscribed.
How Registrars Handle Oversubscription
In oversubscribed IPOs, registrars follow SEBI-prescribed allotment rules to ensure fairness and transparency.
- Retail Category (RII) – Allotment is done via a computerized lottery system to maximize the number of allottees
- NII Category – Proportionate allotment based on application size
- QIB Category – Discretionary allotment within regulatory limits, finalized by the issuer and book runners
Role in Refunds and Fund Unblocking
After finalizing allotment, the registrar initiates refunds and unblocking of funds for non-allotted or partially allotted applicants.
In ASBA-based IPOs, funds are released directly by banks based on instructions received from the registrar.
Credit of Shares to Demat Accounts
The registrar coordinates with depositories (NSDL and CDSL) to credit allotted shares into investors’ demat accounts.
This credit usually happens one working day before the IPO listing date.
Investor Interfaces and Allotment Status
Registrars provide online allotment status portals where investors can check application status using PAN, application number, or DP ID.
Both KFin Technologies and Link Intime host dedicated IPO status pages for this purpose.
Regulatory Oversight and Compliance
Registrars operate under strict SEBI regulations and are subject to audits and inspections.
For SME IPOs, registrars also work alongside concurrent auditors to ensure allotment accuracy and procedural compliance.
Why the Registrar’s Role Is Critical
The registrar acts as the neutral execution authority between issuers, exchanges, banks, and investors.
Any error in registrar operations can delay allotment, refunds, or listing — making their role vital to IPO market integrity.
Important Notice
This document is provided for educational and informational purposes only. It does not constitute investment, legal, or regulatory advice. For official procedures, always refer to SEBI regulations, stock exchange circulars, and the IPO prospectus.