Streamlining public issue processing: enhanced bid validation, coordinated fund blocking and fixed timelines for publishing basis of allotment. Clarification directs stock exchanges to validate electronic bids with depository records during the bidding period and notify intermediaries of inconsistencies for correction. Syndicate members, brokers, DPs and registrars may forward daily physical applications to designated SCSB branches for fund blocking for small value applications, following the November 10, 2015 schedule. Exchanges will share electronic bid files for small applications with registrars and SCSBs to enable daily blocking, and SCSBs must block funds based on the final electronic bid file provided by the registrar. Working days exclude Sundays and bank holidays; timelines for basis of allotment publication are prescribed.
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Streamlining public issue processing: enhanced bid validation, coordinated fund blocking and fixed timelines for publishing basis of allotment.
Clarification directs stock exchanges to validate electronic bids with depository records during the bidding period and notify intermediaries of inconsistencies for correction. Syndicate members, brokers, DPs and registrars may forward daily physical applications to designated SCSB branches for fund blocking for small value applications, following the November 10, 2015 schedule. Exchanges will share electronic bid files for small applications with registrars and SCSBs to enable daily blocking, and SCSBs must block funds based on the final electronic bid file provided by the registrar. Working days exclude Sundays and bank holidays; timelines for basis of allotment publication are prescribed.
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