Sebi streamlines IPO application process, issues new guidelines

The market regulator identified key issues plaguing the UPI payment process and issued operational guidelines to address them

Sebi
Under the new norms, investment bankers and brokers will have to compensate IPO applicants for lapses by paying Rs 100 per day or 15 per cent per annum interest of application amount (whichever is higher)
Sundar Sethuraman Mumbai
1 min read Last Updated : Mar 17 2021 | 1:00 AM IST
Sebi on Tuesday issued guidel­ines aimed at addressing grie­vances of IPO investors, parti­cularly those using the unified payment interface (UPI) for payments. 

The market regulator identified key issues plaguing the UPI payment process and issued operational guidelines to address them. Under the new norms, investment bankers and brokers will have to compensate IPO applicants for lapses by paying Rs 100 per day or 15 per cent per annum interest of application amount (whichever is higher). 

“Lead managers shall ensure that the payment of processing fee/selling commission to the intermediaries be released only after ascertaining that there are no pending complaints pertaining to block/unblock of UPI bids, receiving the confirmation on completion of unblocks,”Sebi has said.


Topics :SEBIinitial public offerings IPOsUnified Payments InterfaceDigital PaymentsOnline payments

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