Sebi to cut timeline to clear IPO documents
时间:2024-06-26 17:14:52 阅读(143)
The Securities and Exchange Board of India (Sebi) is working on reducing the time taken to clear offer documents for initial public offerings (IPOs).
Addressing a closed-door meeting of investment bankers on Friday, Sebi chairperson Madhabi Puri Buch said the regulator was keen on cutting the red tape involved in the filing of offer documents and is working on streamlining the process for regulatory clearance.
Also Read: Benchmarking norms for portfolio managers unveiled
Buch said most delays while clearing an offer document happened at the investment bankers’ end and that it was their responsibility to provide adequate information pertaining to the offerings.
It is not unusual for Sebi to reach out to bankers three or four times before giving its final observations, said industry players.
It is this back and forth that causes delays.
The regulator may set a timeline for the bankers to furnish a reply to Sebi’s queries, failing which the offer document may be returned to the banker for refiling.
Experts said clearing a document is time consuming and could take at least a month, even if the regulator introduces new norms to streamline the process.
Also Read: Sebi may revisit AIF investment threshold
On Friday, Buch said the bankers ought to exercise their own professional judgment while arriving at valuations for a company rather than succumb to pressure from promoters.
The regulator has been pushing for greater transparency on the pricing of IPOs. In the last board meeting, it said issuers coming out with IPOs will have to make disclosure of key performance indicators and price per share of issuer based on past transactions and past fund raising done by the issuers from investors.
Issuer shall disclose details of pricing of shares based on past transactions and past fund raising from investors based on secondary sale or acquisition of shares, during the 18-month period prior to an IPO. In case there are no such transactions, information shall be disclosed for price per share of issuer company based on last five primary or secondary transactions, not older than three years prior to IPO.
The pricing of IPOs came to the fore after the shares of a number of new-age companies tanked after listing.
上一篇:Where is gold headed after this Akshaya Tritiya- Will demand support yellow metal prices-
下一篇:Year-ahead in space expedition- Pivotal space missions set stage for cosmos exploration in 2024
猜你喜欢
- Tips for students going abroad for studies
- Dehradun-Ayodhya daily air service to begin soon- Uttarakhand CM Dhami urges Jyotiraditya Scindia to make Pilgrim travel easier
- What will it take for Nifty to break out from prolonged range-bound trade since before Budget 2023-
- Vibrating pills for weight loss- Read on to know more about this drug
- Dr Reddy’s share price soars 9
- Where is share market headed after Nifty closes above 18270, Bank Nifty above 43280; check support, resistance
- Divgi TorqTransfer Systems IPO share allotment- Check status online, grey market premium; listing on 14 March
- David Warner set to retire from red-ball cricket after final test against Pakistan – Check out his interesting career
- TVS Srichakra, Vadilal Industries among 88 BSE stocks to hit 52-week highs, 21 BSE stocks touch 52-week lows