Market regulator Securities and Exchange Board of India (Sebi) on Thursday reviewed the compliance and periodic reporting structure for investment bankers handling public issue (or bankers to an issues in Sebi’s terminology).
The new reporting format, which bankers have to submit to the regulator every six months, has laid a lot of emphasis on regulatory compliance and investor grievances redressal. “The Board of directors of bankers to an issue (BTI) shall, henceforth, review the report and record its observations on the deficiencies and non-compliances, and corrective measures initiated to avoid such instances in future,” said the Sebi circular.
Bankers will now have to submit the status of investor grievances and also details of pending complaints. As a compliance certificate, they will provide information including conflict of interest, while undertaking activities other than BTI and flow of IPO applications.
