(1) The post-issue merchant banker shall maintain close co-ordination with the registrars to the issue and arrange to depute its officers to the offices of various intermediaries at regular intervals after the closure of the issue to monitor the flow of applications from collecting bank branches and/or Self Certified Syndicate Banks, processing of the applications including application form for ASBA and other matters till the basis of allotment is finalised, despatch of security certificates and refund orders are completed and securities are listed.
(2) Any act of omission or commission on the part of any of the intermediaries noticed during such visits shall be duly reported to the Board.
(3) In case there is a devolvement on underwriters, the merchant banker shall ensure that the notice for devolvement containing the obligation of the underwriters is issued within a period of ten days from the date of closure of the issue.
(4) In case of undersubscribed issues, the merchant banker shall furnish information in respect of underwriters who have failed to meet their underwriting devolvement to the Board in the format specified in .
(5) The post-issue merchant banker shall confirm to the bankers to the issue by way of copies of listing and trading approvals that all formalities in connection with the issue have been completed and that the banker is free to release the money to the issuer or release the money for refund in case of failure of the issue.
ICDR – SCHEDULE XVII
[See regulation 67(4) and 105]
FORMAT OF UNDERWRITING DEVOLVEMENT STATEMENT
(1) Name of the merchant banker :
(2) Name of the issuer :
(3) Issue size :
(4) Issue-wise statement of non-acceptance of underwriting devolvement :
|Sr. No.||Name of the Underwriter||Amount underwritten||Amount devolved||Date of issue of notice of|
devolvement, if any
|Reasons for not accepting devolvement|