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TMI BlogPublic issues in electronic form and use of nationwide broker network of Stock Exchanges for submitting application formsX X X X Extracts X X X X X X X X Extracts X X X X ..... ublic Offers (IPOs), lowering their costs and helping companies reach more retail investors in small towns. To achieve this, in addition to the existing IPO process, I propose to make it mandatory for companies to issue IPOs of ₹ 10 crore and above in electronic form through nationwide broker network of stock exchanges 2. Pursuant to the above, in consultation with various market participants, SEBI has decided to introduce an additional mechanism for investors to submit application forms in public issues using the stock broker ( broker ) network of Stock Exchanges, who may not be syndicate members in an issue. 3. This mechanism can be used to submit ASBA as well as non-ASBA applications by investors. 4. Stock Exchanges shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. Merchant Bankers shall ensure that appropriate disclosures in this regard are made in the offer document. 10. All intermediaries are advised to take necessary steps to ensure compliance with this circular. 11. This circular shall be applicable for all offer documents filed with Registrar of Companies on or after January 01, 2013. 12. This circular is issued in exercise of powers conferred under Section 11 of the Securities and Exchange Board of India Act, 1992. 13. This circular is available on SEBI website at www.sebi.gov.in under the categories Legal Framework and Issues and Listing . Yours faithfully, Sunil Kadam General Manager +91-22-26449630 [email protected] Annexure A D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) All Bankers to the Issue ( BTI ), which have branch/es in a broker centre, shall ensure that at least one of its branches in the broker centre accepts b) Brokers shall deposit the cheque in any of the bank branch of the collecting bank in the broker centre c) Brokers shall also update the electronic schedule (containing application details including the application amount) as downloaded from Stock Exchange platform and send it to local branch of the collecting bank d) Brokers shall retain all physical applications initially and send it to Registrar to Issue ( RTA or Registrar ) after 6 months Step 2A: In case of ASBA application, broker to forward a schedule along with application form to respective ASBA Branch Broker ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mplaints against the sub-brokers c) Stock Exchanges shall disclose publicly the complaint and grievance redressal mechanism along with monetary/non-monetary penalty as applicable d) Issuer, Merchant Banker and Stock Exchange shall discuss and determine the commission that shall be payable to the non-syndicate member e) The commission that shall be payable to the non-syndicate member shall be disclosed upfront in the offer document f) In order to determine to which syndicate or non-syndicate broker commission is payable to, the terminal from which the bid has been uploaded will be taken into account g) Quantum of commission payable shall be determined not on the basis of allotment, but on the basis of applications which have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments to the stock exchange(s) except listing application, allotment details and demat credit and refund details for the purpose of listing permission. In case of non-ASBA application, Brokers (Non-Syndicate members) to forward a schedule (containing application number, payment instrument number and amount), and payment instruments to collecting banks. In case of ASBA application, Brokers to forward a schedule (containing application number and amount) along with application forms to the branch named for Syndicate ASBA of the respective SCSBs for blocking of fund. Collecting banks/Designated branches may not accept bid schedule, bid applications and payment instrument, after T+2 days. Collecting banks to commence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Controlling branch of the collecting banks/SCSBs to submit status of clearance status of payment instrument/Blocking of fund i.e. Final Certificate to the registrar. T+6 9. Registrar to undertake and complete reconciliation of final certificate received from the controlling branch with electronic bid details. Registrar submits the final basis of allotment to Designated Stock Exchange(s) for approving the basis of allotment. T+7 10. Designated stock exchange(s) to approve the basis of allotment. Registrar to prepare funds transfer schedule ba ..... X X X X Extracts X X X X X X X X Extracts X X X X
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