Lead manager responsibility requires clearly allocated disclosure, allotment and refund duties in draft and final offer documents.

Lead managers may manage or be associated with an issue only when responsibilities for disclosures, allotment and refund are clearly defined, allocated and determined. The relevant responsibility statement must appear in the draft offer document and the offer document. Where multiple lead merchant bankers are engaged, the responsibilities of each must be clearly demarcated and disclosed. The current disclosure-based framework replaced the earlier requirement to furnish the responsibility statement to the Board before subscription opened.

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