ASBA means “Application Supported by Blocked Amount”. ASBA is an application
containing an authorization to block the application money in the bank account, for
subscribing to an issue. If an investor is applying through ASBA, his application money
shall be debited from the bank account only if his/her application is selected for
allotment after the basis of allotment is finalized, or the issue is withdrawn/failed.
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KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.