Sebi eases IPO norms for retail investors
Market
regulator Securities & Exchange Board of India (Sebi) on has
allowed retail investors investing in an initial public offering (IPO)
to pay only to the extent of shares allotted. This is in contrast to
the current requirement of 100% upfront advance for shares applied. The
payment system, called Application Supported by Blocked Amount (ASBA),
will require retail investors bidding at a cut-off price, to apply
through self-certified syndicate banks (SCSBs), in which they have
accounts.
An amendment to this effect was made by Sebi on Wednesday, 30 July 2008
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