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TMI BlogGUIDELINES ON INITIAL PUBLIC OFFERS THROUGH THE STOCK EXCHANGE ON-LINE SYSTEM (e-IPO)X X X X Extracts X X X X X X X X Extracts X X X X ..... have the requisite system of on-line offer of securities. 2(Deleted) 11A.2.2 The agreement mentioned in the above clause shall specify inter-alia, the rights, duties, responsibilities and obligations of the company and stock exchange (s) inter se. The agreement may also provide for a dispute resolution mechanism between the company and the stock exchange. 11A.3 Appointment of Brokers 11A.3.1 The stock exchange, shall appoint brokers of the exchange, who are registered with SEBI, for the purpose of accepting applications and placing orders with the company. 11A.3.2 For the purposes of this Chapter, the brokers, so appointed accepting applications and application monies, shall be considered as 'collection centres'. 11A.3.3 The broker/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the names of the other intermediaries, namely, Lead managers to the issue and Registrars to the Issue shall be disclosed in the prospectus and application form. 11A.7 Mode of operation 11A.7.1 The company shall, after filing the offer document with ROC and before opening of the issue, make an issue advertisement in one English and one Hindi daily with nation wide circulation, and one regional daily with wide circulation at the place where the registered office of the issuer company is situated. 11A.7.2 The advertisement shall contain the salient features of the offer document as specified in Form 2A of the Companies (Central Government's) General Rules and Forms, 1956. The advertisement in addition to other required information, shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant, the number of shares applied for, beneficiary ID, DP code etc. and give an order number/order confirmation slip to the applicant. 11A.7.7 The applicant may withdraw applications in terms of the Companies Act, 1956. 11A.7.8 The broker may collect an amount to the extent of 100% of the application money as margin money from the clients before he places an order on their behalf. 11A.7.9 The broker shall open a separate bank account [Escrow Account] with the clearing house bank for primary market issues and the amount collected by the broker from his clients as margin money shall be deposited in this account. 11A.7.10 The broker shall, at the end of each day while the issue is open for subscription, download/forward the order data to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver the application forms of the successful applicants who have paid the application money, to the exchange, which shall submit the same to the Registrar to Issue/company for their records. 11A.7.14 The broker shall refund the margin money collected earlier, within 3 days of receipt of basis of allocation, to the applicants who did not receive allocation. 11A.7.15 The brokers shall give details of the amount received from each client and the names of clients who have not paid the application money to the exchange. The brokers shall also give soft copy of this data to the exchange. 11A.7.16 On the pay- in day, the broker shall deposit the amount collected from the clients in the separate bank account opened for primary issues with the cle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys from the closure of the issue failing which interest at the rate of 15% shall be paid to the investors. 11A.7.22 In cases of applicants who have applied directly or by post to the Registrar to the issue, and have not received allocation, the Registrar to the issue shall arrange to refund the application monies paid by them within the time prescribed. 11A.7.23 The brokers and other intermediaries engaged in the process of offering shares through the on-line system shall maintain the following records for a period of 5 years : i. orders received ii. applications received iii. details of allocation and allotment iv. details of margin collected and refunded v. details of refund of application money 11A.7.24 SEBI shall have the right ..... X X X X Extracts X X X X X X X X Extracts X X X X
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