| Although there is no set time-frame, the group expects to submit its report to the Securities and Exchange Board of India (Sebi) in about two months. |
| The group, which has representatives from Citibank, Standard Chartered and HSBC, has been set up at the initiative of Euro Clear, a clearing and settlement body for exchanges in Europe, which has set up shop in Mumbai to understand the clearing and settlement process in Indian stock exchanges. |
| Share allotments in IPOs currently take 21 days and there is no time-frame for crediting dividends or other benefits like crediting bonus shares. |
| Custodians say the time lag for these activities is far longer than the international practice of seven working days and hinders cash outflow management, especially for large investors like foreign institutional investors and high net worth individuals. |
| The committee may build on a report submitted by an expert task force to Sebi some time ago with a broad road map on making the IPO allotment process faster and more efficient. |
| The report, titled "Infrastructure and process flows for the primary market", has said IPO allotment currently needs to be completed in T+15 days, that is, the last day of the issue plus 15 working days. |
| This is virtually 21 days, the report observed, and should be brought down to T+7. Listing has to be done by T+10 days. |
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