On-line offer of securities: enables E-IPO issuance via exchange system with broker collection centres and escrow safeguards. Permits companies to conduct initial public offers via an on-line stock exchange system for fixed-price issues, subject to an agreement with exchange(s), appointment of SEBI-registered brokers as collection centres, a Registrar with electronic connectivity, disclosure of intermediaries, escrow account procedures for brokers, broker financial responsibility for client defaults, daily forwarding of valid order data, fair basis of allocation, mechanisms for refund and allotment including dematerialisation, record retention, and SEBI/exchange inspection and supervision.