This decade-old Sebi guideline is holding up much-awaited SBI Cards IPO

Latest rule change may, however, clear decks for Rs 9,500-cr offering

A regulatory guideline introduced more than a decade ago has resulted in an inadvertent delay in one of the most eagerly awaited public share sales. 

The Securities and Exchange Board of India (Sebi) has held back from giving its observations on the draft prospectus of SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI).  The offer document was filed with the regulator in November, and the company completed its global roadshows by early January, expecting to hit the market the same month. 

However, the regulator kept the share sale in abeyance because of an