How to Handle "UPI Mandate Errors" During High-Demand IPOs

This week’s IPO rush, led by Shyam Dhani and Dhara Rail, has once again highlighted the "Technical Glitches" that retail investors face with UPI mandates. Many users reported that their funds were blocked but they didn’t receive an application confirmation, or worse, the mandate request never reached their app. Understanding how to troubleshoot these errors is the difference between a successful application and a missed opportunity.\n\n\n\nFirst, always ensure that your UPI app and your Bank app are updated to the latest version. Most "Mandate Not Received" errors occur because of outdated software that cannot handle the new SEBI "High-Value" mandate protocols. Second, avoid applying in the final hour (3 PM to 5 PM) of the closing day. The NPCI servers often experience "Latency Spikes" during this time, leading to delayed mandate requests that might expire before you can approve them.\n\nIf your funds are blocked but the application status on the exchange says "Pending," do not panic. It often takes 4-6 hours for the bank to synchronize the data with the exchange. You can verify the status by checking the "Application History" on your broker’s terminal. If the money has not been released by the "Refund Date" (usually 1-2 days after allotment), you should immediately raise a ticket with your bank’s Nodal Officer for IPOs.\n\nAnother pro-tip: Use "ASBA" through Net Banking instead of UPI for SME IPOs. Since SME lots require ₹1.3 lakh to ₹1.5 lakh, some banks have lower "Daily UPI Limits" that can cause your mandate to fail. ASBA is a direct bank-to-exchange block and is much more reliable for high-value applications. Most major Indian banks like HDFC, SBI, and ICICI offer a seamless ASBA interface.\n\nIn conclusion, technical discipline is part of successful IPO investing. By applying on Day 1 or Day 2 and using the right payment channel, you can eliminate 90% of the stress associated with the process. As we move toward the T+3 listing regime in 2026, the speed of these transactions will only increase. Stay updated with the latest SEBI circulars on payment gateways to ensure your capital is always working for you.