Yes, you can apply for NSE and BSE SME IPOs through Zerodha using the UPI ASBA process. The application process for SME IPOs is the same as other IPOs.
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If you face any payment related issue while applying for an SME IPO, there is no alternate route to complete your application. Unlike mainboard IPOs where net banking ASBA remains an option, a payment failure in an SME IPO application means you will not be able to apply for that IPO.
Did you know?
The IPO application will be accepted even if there is a limit on the UPI transactions from the bank's end.