SEBI tweak to quicken IPO funds reconciliation
The Hindu
Markets regulator SEBI on Tuesday put in place a uniform policy to streamline the reconciliation process among intermediaries with regard to initial public offers as well as a new mechanism to compensate investors.
The new framework would address issues related to delays in receipt of mandate by investors for blocking of funds due to systemic issues at intermediaries and failure to unblock the funds in cases of partial allotment by the next working day from the finalisation of Basis of Allotment(BOA), SEBI said in a circular. Other issues that would be addressed include Self Certified Syndicate Banks (SCSBs) blocking multiple amounts for the same Unified Payment Interface application and SCSBs blocking more amount in the investor’s account than the application amount. In case of delays,
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