SEBI cracks the whip on bogus IPO applications
After Fortune India report on 'bogus IPO applications’, the market regulator says IPO bids will be considered valid only if required money gets blocked in investors' bank accounts.
After Fortune India report on 'bogus IPO applications’, the market regulator says IPO bids will be considered valid only if required money gets blocked in investors' bank accounts.
Over 12 lakh ‘not banked’ applications show either the brokers knowingly uploaded bogus applications on the exchanges’ systems or 12 lakh, who applied for LIC IPO, lost interest in it subsequently.