What do you understand by "Application Supported by Blocked Amount (ASBA)"? How does it work in Initial Public Offer (IPO)? Describe.

"Applications Supported by Blocked Amount (ASBA)" is an application for subscribing to an issue, containing an authorization to block the application money in a bank account. In its continuing endeavour to make the existing public issue process more efficient, SEBI introduced a supplementary process of applying in public issues, viz., the ASBA process. The ASBA process is available in all public issues made through the book building route. Process An ASBA investor submits an ASBA physically or electronically through the internet banking facility, with whom the bank account to be blocked is maintained, then the SCSB blocks the application money in the bank account specified in the ASBA. The application money remains blocked in the bank account till finalisation of the basis of allotment in the issue or till withdrawal/failure of the issue or till withdrawal/rejection of the application, as the case may be. The application data shall thereafter be uploaded by the SCSB in the electronic bidding system through a web enabled interface provided by the Stock Exchanges. Once the basis of allotment of finalized, the Registrar to the Issue sends an appropriate request to the SCSB for unblocking the relevant bank accounts and for transferring the requisite amount to the issuer's account. In case of withdrawal/ failure of the issue, the amount shall be unblocked by the SCSB on receipt of information from the pre-issue merchant bankers.