Sebi holds back much-awaited Rs 35-billion HDFC Mutual Fund IPO

Says it is examining past rule violations by the asset manager

The Securities and Exchange Board of India (Sebi) has put the much-awaited initial public offer (IPO) of equity from HDFC Mutual Fund on hold. 
 

The processing status for IPOs on Sebi’s website states this one is being “kept in abeyance for examination of past violations”. On April 26, the markets regulator sent a letter to investment banks handling the IPO, seeking clarifications.

Those in the sector say Sebi keeps an IPO in abeyance only for violations of a serious nature or such that these would take time to resolve. Beside HDFC MF, those of Srei Equipment Finance and Vishwaraj Sugar