Are second/third/joint account holders in a bank account restrained from using the same account for payment in public issues?
According to the SEBI Circular, applications made by
retail investors using third-party UPI ID or any category of investors using a
third-party bank account are liable for rejection. However, there are no
specific restrictions imposed by SEBI on the use of a bank account by second, third,
or joint account holders for making payments in public issues. Therefore, joint
account holders should be able to use the same account for public issues
payments without any restraint, provided they comply with the guidelines
specified by SEBI and other relevant authorities.
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