New payment system for IPOs by Aug 10

A new payment system for Initial Public Offers that is aimed at not blocking investors’ money till share are actually allotted will be launched as a pilot by August 10, stock market regulator SEBI said on Tuesday. “Hopefully by end of August, we will start the pilot project,” SEBI Chairman C B Bhave told reporters on the sidelines of a seminar on financial planning. Initially, both the existing system of payment for public issues and the new alternate system will co-exist. “We really don’t know how the system works. We need to get used to it. We have to sort out glitches if there are any in the beginning,” Bhave said
Avdhoot Investment

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