Greater role for brokers in book- built floats likely

 Essentially, brokers will have to put in the full application money upfront with the issuer, and realise the money later from individual investors.

 In other words, brokers are being expected to take the credit risk of virtually making a clean advance to investors.

 This solution, suggested by merchant bankers, is in the nature of a middle ground between Sebi which wants to compress the IPO process into six-seven days and merchant bankers who argue that such a timeframe is unrealistic because the banking system takes at least three working days to credit the proceeds of IPO application money to the issuer