1. SEBI vide Circular
no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015,
issued operational details to, inter-alia, reduce the time taken for listing after the
closure of the issue to 6 working days and enhancing the points
of
submission of
applications by the investors.
2. With an endeavor to make the public issue process more efficient and robust, in discussion with market participants, following issues are hereby clarified:
2.1. Stock
exchange(s) may validate the electronic bid details with depository’s records for DP ID, Client ID and PAN, at periodic intervals throughout the bidding day
during the bidding
period and bring the inconsistencies to the notice of
intermediaries concerned,
for rectification and re-submission within the time specified by stock
exchange.
2.2. Syndicate members, registered
brokers of stock exchanges, depository participants (DPs) and registrars to an issue and share transfer agents (RTAs)
registered with SEBI, may also forward the physical application
forms received by them on day-to-day
basis during the bidding period to designated branches of the respective self certified syndicate banks (SCSBs) for blocking of funds. Such applications should be with value not more than ` 2 lakh and shall be forwarded
along with the schedule specified in SEBI Circular dated November 10, 2015.
2.3. Stock exchanges may share the electronic bid file for applications with value not
more
than ` 2 lakh with RTA to the issue on daily basis who in turn may share the same with each SCSB. SCSBs may carry out the blocking of funds on a daily basis
during the bidding period for such physical application forms received. Revised
electronic bid file / final bid file shall be shared by
the
stock exchanges with RTA to the issue. SCSBs to ensure blocking of funds is based on
final electronic bid file received from RTA to the issue.
2.4. Working days shall be all trading days of stock exchanges excluding Sundays and bank holidays.
2.5. The instruction for publication of basis of allotment may be given by T+5 day so that basis of allotment is published in all
the
newspapers, where issue
opening/closing advertisements have appeared
earlier, on T+6 before the
commencement of trading.
3. All intermediaries are advised to cooperate with each other and take necessary
steps to ensure compliance with this
circular.
4. This circular shall be applicable with immediate effect.
5. This Circular is issued in exercise of the powers conferred under Section 11 and
Section 11A of the Securities and Exchange Board of India Act, 1992.
6. This Circular is available on SEBI website at www.sebi.gov.in under the categories
“Legal
Framework” and “Issues and Listing”.
Company Secretary GAURAV SHARMA+919990694230 Connect on Watts App with Gaurav Email us [email protected] Official Blog Fema India Experts Connect with our Facebook Page:- Click and Like our Page Subscribe our Email updates like other 15,000 Members, Free/Easy/Comfortableway
