विशेषज्ञ की सलाह चाहिए?हमारे गुरु मदद कर सकते हैं
usha
Ramalingam Kalirajan11488 Answers |Ask - Follow
Mutual Funds, Financial Planning Expert - Answered on Oct 08, 2026
Asked on - Oct 08, 2026
Hi ..I have registered a app called finsolalgo
They told I got allocation for ipo which I kept 1 lac prev but they asked I need to pay 6lac ...which I couldn't pay...now they blocked my one lac saying as I didn't pay full allocation my amount blocked for 3 months but am not getting fater 3 months who will release my funds and all am feeling bad to believe them...now wat should I do ...finsolalgo is this company registered with sebi when I asked they told s we registered we have ruled and regulations ...that's y blocked like that ..wat should I do now
Ans: It is good that you have stopped and are checking this before paying another Rs.6 lakh.
Based on what you have described, I would be very cautious. The process you were told about does not look like the normal IPO application process.
» How a genuine IPO application normally works
In a normal IPO, the application money is blocked in your own bank account through ASBA or an approved UPI mandate.
If shares are allotted, the required amount is debited.
The remaining blocked amount is released after the allotment process. SEBI describes this process clearly.
A company or app normally cannot simply say:
– You paid Rs.1 lakh.
– You received an allocation of Rs.7 lakh.
– You must arrange another Rs.6 lakh.
– Otherwise your original Rs.1 lakh will remain blocked for 3 months.
That is a major point requiring verification.
» About the Rs.1 lakh being blocked
First check where exactly the Rs.1 lakh is blocked.
If it is genuinely blocked in your own bank account under an IPO ASBA/UPI mandate, contact your bank immediately and ask:
– Who has placed the mandate?
– What is the IPO name?
– Who is the sponsor bank?
– What is the application number?
– What is the registrar's name?
– What is the UPI mandate reference?
Do not depend only on what the FinsolAlgo app or its representatives are telling you.
If the money was actually transferred to a bank account controlled by the app/company/person, the situation is more serious. Do not send the additional Rs.6 lakh merely to release the earlier Rs.1 lakh.
» Is FinsolAlgo SEBI registered?
I checked the SEBI recognised-intermediary information available currently.
I could not verify a SEBI registration under the name "FinsolAlgo" from the information available to me.
This does not by itself prove that the entity is fraudulent. The legal entity name may be different from the app or trade name.
So ask them for:
– Exact legal company name.
– SEBI registration number.
– Category of SEBI registration.
– Registered office address.
– Name of the stock broker/intermediary handling the IPO application.
Then independently verify these details on SEBI's recognised intermediary records. SEBI maintains a searchable list of registered intermediaries.
Do not accept a statement such as "we are SEBI registered and we have our own rules" as proof.
» What you should do now
I would suggest these steps in this order:
– Do NOT pay the additional Rs.6 lakh.
– Do NOT pay any "release fee", "penalty", "tax", "processing charge" or similar amount.
– Do NOT share your OTP, UPI PIN, bank password or other banking credentials.
– Take screenshots of the entire conversation with FinsolAlgo.
– Save the payment receipt for the Rs.1 lakh.
– Save the IPO allocation message and all documents they provided.
– Contact your bank directly through its official customer-care channel.
– Ask the bank whether there is actually an IPO-related ASBA/UPI block on your Rs.1 lakh.
– If the bank confirms that no genuine IPO mandate exists, immediately inform the bank that you suspect an unauthorised or potentially fraudulent transaction.
– If money has already gone to another bank account, inform your bank immediately and ask about the appropriate fraud-reporting process.
» Do not wait for three months
I would not simply wait for three months based on their verbal assurance.
If this is a genuine IPO, there should be proper documentation and an identifiable IPO process.
There should also be a recognised intermediary, sponsor bank, registrar and application details.
The normal IPO process does not depend merely on an app telling you that your money will be released after three months. SEBI's own explanation says that funds are blocked for the IPO process and are subsequently debited or unblocked based on allotment.
» My assessment
The requirement to arrange another Rs.6 lakh after supposedly getting a Rs.7 lakh allocation is the biggest concern here.
Please do not try to recover the Rs.1 lakh by paying another Rs.6 lakh.
That can increase your exposure substantially.
Your immediate priority should be to establish where the Rs.1 lakh actually sits and whether there is a genuine IPO mandate.
If you share the exact message received from FinsolAlgo about the Rs.7 lakh allocation and the Rs.6 lakh payment, I can examine the wording and tell you which parts look normal and which parts are red flags.
Best Regards,
K. Ramalingam, MBA, CFP,
AMFI-Registered MFD – ARN 4188
www.holisticinvestment.in
https://www.linkedin.com/in/ramalingamcfp/
(more)
Based on what you have described, I would be very cautious. The process you were told about does not look like the normal IPO application process.
» How a genuine IPO application normally works
In a normal IPO, the application money is blocked in your own bank account through ASBA or an approved UPI mandate.
If shares are allotted, the required amount is debited.
The remaining blocked amount is released after the allotment process. SEBI describes this process clearly.
A company or app normally cannot simply say:
– You paid Rs.1 lakh.
– You received an allocation of Rs.7 lakh.
– You must arrange another Rs.6 lakh.
– Otherwise your original Rs.1 lakh will remain blocked for 3 months.
That is a major point requiring verification.
» About the Rs.1 lakh being blocked
First check where exactly the Rs.1 lakh is blocked.
If it is genuinely blocked in your own bank account under an IPO ASBA/UPI mandate, contact your bank immediately and ask:
– Who has placed the mandate?
– What is the IPO name?
– Who is the sponsor bank?
– What is the application number?
– What is the registrar's name?
– What is the UPI mandate reference?
Do not depend only on what the FinsolAlgo app or its representatives are telling you.
If the money was actually transferred to a bank account controlled by the app/company/person, the situation is more serious. Do not send the additional Rs.6 lakh merely to release the earlier Rs.1 lakh.
» Is FinsolAlgo SEBI registered?
I checked the SEBI recognised-intermediary information available currently.
I could not verify a SEBI registration under the name "FinsolAlgo" from the information available to me.
This does not by itself prove that the entity is fraudulent. The legal entity name may be different from the app or trade name.
So ask them for:
– Exact legal company name.
– SEBI registration number.
– Category of SEBI registration.
– Registered office address.
– Name of the stock broker/intermediary handling the IPO application.
Then independently verify these details on SEBI's recognised intermediary records. SEBI maintains a searchable list of registered intermediaries.
Do not accept a statement such as "we are SEBI registered and we have our own rules" as proof.
» What you should do now
I would suggest these steps in this order:
– Do NOT pay the additional Rs.6 lakh.
– Do NOT pay any "release fee", "penalty", "tax", "processing charge" or similar amount.
– Do NOT share your OTP, UPI PIN, bank password or other banking credentials.
– Take screenshots of the entire conversation with FinsolAlgo.
– Save the payment receipt for the Rs.1 lakh.
– Save the IPO allocation message and all documents they provided.
– Contact your bank directly through its official customer-care channel.
– Ask the bank whether there is actually an IPO-related ASBA/UPI block on your Rs.1 lakh.
– If the bank confirms that no genuine IPO mandate exists, immediately inform the bank that you suspect an unauthorised or potentially fraudulent transaction.
– If money has already gone to another bank account, inform your bank immediately and ask about the appropriate fraud-reporting process.
» Do not wait for three months
I would not simply wait for three months based on their verbal assurance.
If this is a genuine IPO, there should be proper documentation and an identifiable IPO process.
There should also be a recognised intermediary, sponsor bank, registrar and application details.
The normal IPO process does not depend merely on an app telling you that your money will be released after three months. SEBI's own explanation says that funds are blocked for the IPO process and are subsequently debited or unblocked based on allotment.
» My assessment
The requirement to arrange another Rs.6 lakh after supposedly getting a Rs.7 lakh allocation is the biggest concern here.
Please do not try to recover the Rs.1 lakh by paying another Rs.6 lakh.
That can increase your exposure substantially.
Your immediate priority should be to establish where the Rs.1 lakh actually sits and whether there is a genuine IPO mandate.
If you share the exact message received from FinsolAlgo about the Rs.7 lakh allocation and the Rs.6 lakh payment, I can examine the wording and tell you which parts look normal and which parts are red flags.
Best Regards,
K. Ramalingam, MBA, CFP,
AMFI-Registered MFD – ARN 4188
www.holisticinvestment.in
https://www.linkedin.com/in/ramalingamcfp/