Sensex Advances As Pak-Backed Intruders Withdraw

The Securities and Exchange Board of India (Sebi) has relaxed the guidelines for issues made through 100 per cent book-building process. The lead book-runner shall ensure that a confidentiality clause in incorporated in the memorandum of that the book shall be accessible only to the issuer and lead book runner. Thus, the present requirement or graphical display of demand at bidding terminals of syndicate members has been made optiona. Allotment for book-built portions have to be doen in demat from only. The draft document of the offer to be'field with the Sebi need to only indicate the nuber of securities being offered instead of the size of the issue. The 15 per cent reservation for individual investors bidding up to 10 marketable lost may be merged with the 10 per cent fixed price offer. This was decided after suggestions to this effect were made by leading merchant bankers at a meeting yesterday. The first book-build equity issue by Hughes Software and System will hit the market next month. >