Quy chế Thu hồi các ứng dụng của các nhà bán lẻ và Hni trong IPO

Rất nhiều áp lực đã được đưa vào các nhà môi giới cổ phiếu và nhà đầu tư 20 mỗi mùa thu phần trăm giá trị thị trường như là một sự suy giảm kết quả sắc nét trong ba ngày qua. Như một kết quả của các nhà đầu tư ép khó cho tiền mặt. Họ có một số cứu trợ với Bộ trưởng Tài chính và RBI đảm bảo với họ rằng tất cả các yêu cầu hợp pháp sẽ được đáp ứng. Some of the investors also rushed to cash in huge amounts invested in recently issued IPOs including Reliance Power. Under rules the investors are allowed to with their investment till the stock is listed. This had been the case in some earlier issues also like Deccan Air and Cairn Energy.

Trong một IPO, companies invite applications for shares sought to be enlisted by them in a Stock Exchange. The subscription in an IPO can either through book-built process by inviting bids from the prospective investors or on a fixed price basis. Issue of securities in an IPO is, inter alia, governed by SEBI (Disclosures and Investors Protection) Guidelines, 2002 – popularly known as SEBI DIP Guidelines.

SEBI DIP Guideline at Para no 11A.7.7 also provides that an applicant can withdraw applications in a public issue. Thus, in a book-built issue the applicants can withdraw their applications anytime before allotment of shares / securities by the company. This is emanating from the fundamental principle under Law of Contracts that an offer can be revoked before acceptance. The bids made by the bidders (applicants) is an offer made and allotment of securities by the companies only brings into a binding contract between the bidder and the company and, do đó, an application in a public issue can be withdrawn by the applicant depending upon the market scenario post subscription/closure of the IPO but before allotment even if the application money has been realized by the company. Tuy nhiên, as per Clause 11.3.4.1 of the SEBI DIP Guidelines, only Qualified Institutional Bidders (QIBs) are not allowed to withdraw their bid after the closure of the bid. This is to prevent any possible manipulation of the IPO subscription by the QIBs.

Instances have happened in our country where investors have withdrawn their applications in an IPO. IPO made by Purvankara Projects, Deccan Airlines, Cairn Energy, Housing Development Infrastructure Limited, IVR Prime, KPR Mills, have seen withdrawal of applications by retailers and HNI categories before allotment.

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