IPO Scam by Axis Bank

A few days ago, Rikhav Securities Ltd. was listed on the Indian stock market. I had applied for one lot (1,600 shares), and the application amount was duly blocked, as confirmed by SBI Bank, my broker (Zerodha), and BSE Exchange. However, the registrar, Link Intime, rejected my application, citing non-blocking of funds.

To resolve the issue, I lodged a complaint on the SEBI SCORES portal. In response, Link Intime directed me to the sponsor bank, Axis Bank.

I then filed another complaint against Axis Bank, which prompted their response. Axis Bank acknowledged their error, admitting that they had failed to send the amount-blocking data to the registrar.

When I requested compensation as per SEBI regulations, Axis Bank requested leniency, stating that compensating me would result in internal consequences for their employees, such as revoked appraisals.

My concern:
While I understand human errors can occur, the mistake directly impacted my IPO application, potentially causing an opportunity loss. SEBI has laid out clear investor protection regulations, and I believe I am entitled to compensation.

What should be my next course of action?