New payment system for IPOs by Aug 10: Bhave

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Posted: 2008-08-05 13:12:56+05:30 IST
Updated: Aug 05, 2008 at 1312 hrs IST

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New payment system for IPOs by Aug 10: Bhave UTI defers $480 mn IPO plan: Sources UTI defers $480 mn IPO plan: Sources Rel Power earmarks Rs 6,148 cr from IPO

New Delhi, Aug 5: : 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.

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