ONLY Retail investors are allowed to bid at cut offprice , which is higher band price . say for price band of 90 to 100 , cut off is 100/ . cut off application has an understanding that what ever price is finalised , shall be applicable and balance will be refunded.
even if you apply with bid price of 100/ and price decided 96 , you will be allotted at 96 and balance refunded .
if you apply at lower bid of say 95 and price declared 96 your appl will be rejected.
RETAIL INVESTOR SHOULD AVAIL THIS FASCILITY AND APPLY ONLY AT CUT OFF PRICE