SEBI to allow IPO in 7 days instead of 70 days

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Mumbai: Capital market regulator Securities and Exchange Board of India (SEBI) is gearing up to put the process of approval of initial public offering (IPO) documents on a fast track.

Sebi plans to reduce the 70 days it takes to approve IPO documents to just seven days, chairperson Madhabi Puri Buch said.

About this he said, "It is my desire and we will soon reach a stage where documents for raising capital in Indian markets can be approved in just seven days."

Addressing a gathering of investment bankers in Mumbai, the SEBI Chairperson further said that his team is working on putting together the building blocks to reduce the red-tape involved in filing documents and regulatory approvals and the results will be visible by March 2023.

Besides, he said, delayed applications do not speak well of us and there will be full transparency with the new structure. Everyone will know who (SEBI or investment bankers) is really delaying. Bankers present at the time said that they have already received notification from SEBI about the reduced time limit. As far as I am concerned, I would like to say that SEBI clears the document within seven days.

For this the ball is in your court 80 percent (merchant bankers) and 20 percent with SEBI. Which is a challenge for community-investment bankers as a whole. Which I feel a part of. Let's do it. There will be process re-engineering and new policies. When there is a delay in bankers' accounts, we will formally document it," said the SEBI Chairperson.

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