The 1-PAN Rule & Family Applications
How to improve your odds without getting rejected.
The 1-PAN rule & family applications
One of the most costly beginner mistakes is getting applications rejected by misunderstanding the rules of the allotment lottery.
The iron rule: one application per PAN
You cannot apply for the same IPO more than once using the same PAN (Permanent Account Number).
- The mistake: applying once through one broker, then again through another broker, on the same PAN.
- The result: the registrar's system detects duplicate PAN entries and rejects every application from that PAN. Your allotment chance becomes zero.
The myth of "more lots = better odds"
In an oversubscribed retail category, allotment is a strict lottery.
- Applying for the minimum (1 lot) gives you one lottery ticket.
- Applying for the maximum permitted in the retail category still gives you one lottery ticket. It does not raise your probability of getting a lot — it only blocks more of your capital.
- The retail limit is an application value just under ₹2,00,000; the number of lots that works out to depends on the lot size and price band of that specific IPO.
The legal way to improve odds: family applications
To genuinely increase your household's chances, use different PANs — one application per family member, each from their own demat account.
- You apply from your demat account (PAN 1).
- Your spouse applies from theirs (PAN 2).
- A parent applies from theirs (PAN 3).
That gives your household three independent lottery tickets instead of one.
Make sure the bank account used for payment matches the name on the demat account and PAN. A third-party payment mismatch can cause the application to fail.