AI Drafter 
TaxTMI 
TaxTMI 
Public issues in electronic form and use of nationwide broker network of Stock Exchanges for submitting application forms
X X X X Extracts X X X X
X X X X Extracts X X X X
....lifying the process of issuing Initial Public Offers (IPOs), lowering their costs and helping companies reach more retail investors in small towns. To achieve this, in addition to the existing IPO process, I propose to make it mandatory for companies to issue IPOs of Rs. 10 crore and above in electronic form through nationwide broker network of stock exchanges" 2. Pursuant to the above, in consultation with various market participants, SEBI has decided to introduce an additional mechanism for investors to submit application forms in public issues using the stock broker ("broker") network of Stock Exchanges, who may not be syndicate members in an issue. 3. This mechanism can be used to submit ASBA as well as non-ASBA applications by in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hanism are specified at Annexures A and B respectively. 9. Merchant Bankers shall ensure that appropriate disclosures in this regard are made in the offer document. 10. All intermediaries are advised to take necessary steps to ensure compliance with this circular. 11. This circular shall be applicable for all offer documents filed with Registrar of Companies on or after January 01, 2013. 12. This circular is issued in exercise of powers conferred under Section 11 of the Securities and Exchange Board of India Act, 1992. 13. This circular is available on SEBI website at www.sebi.gov.in under the categories "Legal Framework" and "Issues and Listing". Yours faithfully, Sunil Kadam General Manager +91-22-2644....
X X X X Extracts X X X X
X X X X Extracts X X X X
....chedule and send it to Banker to the Issue (For ASBA application, Step 2A to apply) a) All Bankers to the Issue ("BTI"), which have branch/es in a broker centre, shall ensure that at least one of its branches in the broker centre accepts b) Brokers shall deposit the cheque in any of the bank branch of the collecting bank in the broker centre c) Brokers shall also update the electronic schedule (containing application details including the application amount) as downloaded from Stock Exchange platform and send it to local branch of the collecting bank d) Brokers shall retain all physical applications initially and send it to Registrar to Issue ("RTA" or "Registrar") after 6 months Step 2A: In case of AS....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t by the broker shall form the basis of any complaint b) Brokers shall be made responsible for complaints against the sub-brokers c) Stock Exchanges shall disclose publicly the complaint and grievance redressal mechanism along with monetary/non-monetary penalty as applicable d) Issuer, Merchant Banker and Stock Exchange shall discuss and determine the commission that shall be payable to the non-syndicate member e) The commission that shall be payable to the non-syndicate member shall be disclosed upfront in the offer document f) In order to determine to which syndicate or non-syndicate broker commission is payable to, the terminal from which the bid has been uploaded will be taken into account g) Quantum of commission paya....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s for the purpose of listing permission. In case of non-ASBA application, Brokers (Non-Syndicate members) to forward a schedule (containing application number, payment instrument number and amount), and payment instruments to collecting banks. In case of ASBA application, Brokers to forward a schedule (containing application number and amount) along with application forms to the branch named for "Syndicate ASBA" of the respective SCSBs for blocking of fund. Collecting banks/Designated branches may not accept bid schedule, bid applications and payment instrument, after T+2 days. Collecting banks to commence clearing of payment instruments. SCSBs to start blocking funds. Registrar to give bid file received from the stock exchan....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of final certificate received from the controlling branch with electronic bid details. Registrar submits the final basis of allotment to Designated Stock Exchange(s) for approving the basis of allotment. T+7 10. Designated stock exchange(s) to approve the basis of allotment. Registrar to prepare funds transfer schedule based on approved allotment. Registrar to give instructions to depositories to carry out lock-in for pre issue capital. T+8 11. Registrar and merchant banker to issue funds transfer instructions to collecting banks/SCSBs. Collecting banks/SCSBs to credit the funds in Public Issue Account of the issuer and confirm the same. Issuer to make allotment. Re....