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of <h1>SEBI Updates EBP Platform Rules: Focus on Best Bid Allocation, Anchor Investors, and Improved Bidding Processes. Effective January 2023.</h1> The Securities and Exchange Board of India (SEBI) has revised the provisions related to the Electronic Book Provider (EBP) platform as outlined in Chapter VI of the Operational Circular. The changes address issues like 'fastest finger first' allocation, high green shoe ratios, and bidding limits for arrangers. Key modifications include ensuring allocations based on the best bid rather than speed, introducing the option of anchor investors, and updating bidding and allotment processes. These revisions aim to enhance transparency and efficiency in the issuance of non-convertible securities, municipal debt securities, and commercial papers. The new provisions will be effective from January 1, 2023.
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