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3. CooL HunK  Jan 16, 2017 8:47:02 AM IST Reply

BSE Limited IPO

#Flash The Price band for BSE IPO is fixed at 805-806/-
Two minute silence for those who are saying the illogical price band of 400-450/-.
2. CooL HunK  Jan 11, 2017 11:01:43 AM IST Reply

BSE Limited IPO

SEBI to review allotment norms for retail investors in IPOs

The SEBI-appointed Primary Market Advisory Committee will review the basis of allocation for retail investors in initial public offers when it meets on January 16.
The current rule, operational since October 2012, ensures that all retail applicants are allotted at least the minimum application size, subject to availability of shares in the aggregate.

If there are an inadequate number of shares to ensure this, then allotment is done through lottery. The remaining shares for retail investors are allotted on a proportionate basis.

Prior to 2012, the minimum application/bid size for retail investors was in the range of Rs 5000-7000, against Rs 10,000-15,000 now. Allotment to retail investors used to happen on a proportionate basis in case of oversubscription, such that any entitlement on proportionate basis less than the minimum application size was rejected. This process was skewed in favour of applicants making higher value bids, prompting SEBI to revise the rule.

SEBI is of the view that more number of retail investors are being allotted shares in the new rule than in the earlier rule, going by the allotment in the RBL Bank public issue.

Also, SEBI feels investors making low value bids are getting more proportion of shares under the revised procedure compared to the pre-revised procedure.

Still, it has sought the views of the Committee on whether there is a need to review the basis of allotment norms for retail investors.
2.1. ShareView  Jan 11, 2017 11:15:12 AM IST

BSE Limited IPO

Was there any different rule for RBL bank public issue ?
Experts ?
2.2. Ipo tracker  Jan 11, 2017 4:53:55 PM IST

BSE Limited IPO

Hope Sebi maintains status quo on retail allotment rules.
Currently it is Low Capital~ Low Risk ~ High return~ %wise in ipo''s.
1. CooL HunK  Jan 8, 2017 11:35:27 AM IST Reply

BSE Limited IPO


Bombay Stock Exchange, the oldest bourse in the continent, finds itself at the core of two legal disputes. While a contempt of court petition filed in the high court by a Vile Parle resident calls out irregularities in the building, a legal notice has challenged the launch of an initial public offering for BSE.

The contempt petition has been filed by Yogesh Mehta against city officials, highlighting their inaction against illegalities in the building. It alleges that the delay in action is because of the upcoming IPO — through the offer for sale route — under which a total of 262 shareholders will offload close to 3 crore shares valued at an estimated Rs 1,300 crore.

The petitioner, through lawyers Devmani Shukla and Vijayprakash Yadav, has submitted that civic officials have not yet complied with a high court order — passed on a 2013 petition by a bench headed by Justice SS Kemkar on June 9 last year — because they do not want the BSE’s IPO, likely to be issued shortly as disclosed from the draft prospectus dated September 9, to suffer.

Other than focussing on illegalities in the main building, Phiroze Jeejeebhoy Tower, the earlier petition, filed by Mehta himself in 2013, highlighted that the adjoining sevenstorey Rotunda Building, hadn’t been issued the occupancy certificate (OC).

It also accused the BSE of illegally using the refuge area on floors 3, 13, 26 and 28. The stock exchange lost the case right up to the Supreme Court, while another public interest litigation in the case was dismissed by the high court, after which the floors were restored as per the original plan.

The earlier petition further emphasized that the top two floors of the building, 29 and 30, seemed to have been erected illegally as they had not been sanctioned in the original plan. It mentioned that of the three basement levels which were supposed to be used solely for parking, two were being used for sundry office chores. It is these irregularities that the current petition claims the city officials haven’t acted against.

At the time the BSE informed the court that the refuge areas had been restored and that while the main building had an occupancy certificate, the OC application for the adjoining building was pending with the Brihanmumbai Municipal Corporation. The court then directed the BMC — through the June 9 order — to hear Mehta and the BSE, and take action within four months. But neither has the BMC decided BSE’s application for OC, nor has it taken any action against it.

The contempt petition also argues that since BSE’s draft prospectus on the IPO declares that the building is still owned by a trust called Native Share Stock Brokers Association, the bourse should not be allowed to apply for regularising the illegalities or seek an OC.

The legal notice against the IPO, meanwhile, sent by one Kiran Mehta through the same lawyers, says the exchange cannot be allowed to go ahead with the public offer since the 2005 notification that cleared the IPO allowed two years at the most for it to be launched.

The notice contends that the notification for clearance for the IPO — which was originally cleared by the Securities and Exchange Board of India in 2005 and issued as per the Securities Contracts (Regulation) Act, 1956, in May that year — allowed the exchange to come up with an IPO within 12 months, with a provision of extension for another 12 months.

It asks the BSE not to proceed with the IPO in the current form and warns it of legal proceedings if it fails to reply to the notice by January 10.

The BSE declined comment on either of the issues.
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