Can the IPO application be modified under the HNI category?

As per the SEBI circular (PDF), IPO applications can be modified only to increase their size. They cannot be deleted or reduced in size. For example, an application for ₹3 lakhs can be modified to ₹4 lakhs but cannot be reduced to ₹2.5 lakhs.

The application will also be rejected if the IPO is applied for multiple times using different demat accounts and the same PAN.