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Yes, Zerodha allows customers to apply for both the BSE SME and NSE SME IPO. If you are having a Demat & trading account with Zerodha, then you can apply for SME IPO online through UPI payment gateway on the Console back office platform. The process to invest in SME IPO is exactly the same as the mainboard IPO.
Steps to apply for SME IPO in Zerodha;
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And the IPO lot value exceeds 1 lac then in that case the UPI mechanism will still work?