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Business EconomyPosted at: Aug 20 2018 7:28PM


SEBI streamlines process of issuance of debt securities

New Delhi, Aug 20 (UNI) Markets regulator Securities and Exchange Board of India (SEBI) on Monday to reduce the time taken for listing after the closure of the issue to six working days as against the present requirement of 12.


All the investors applying in a public issue will use only application supported by Blocked Amount (ASBA) facility for making payment ie writing their bank account numbers and authorising the banks to make payment in case of allotment by signing the application forms, according to a statement issued here.
An investor, intending to subscribe to a public issue, shall submit a completed bid-cum-application form to Self-Certified Syndicate Banks (SCSBs), with whom the bank account to be blocked is maintained or any of the specified intermediaries.

The SCSBs or the above intermediaries shall, at the time of receipt of application, give an acknowledgement to investor, by giving the counter foil or specifying the application number to the investor, as a proof of having accepted the application form, in physical or electronic mode, respectively.
After accepting the form, SCSB shall capture and upload details in the electronic bidding system as specified by the stock exchange(s) and may begin blocking of funds available in the bank account
specified in the form, to the extent of the application money specified.

Stock exchange(s) shall validate the electronic bid details with depository’s records for DP ID, Client ID and PAN, by the end of each bidding day and bring the inconsistencies to the notice of SCSBs or intermediaries concerned, for rectification and re-submission within the time specified by stock exchange(s).
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