Lack of online banking facilities affects delivery of refund warrants
Friday, 4 December 2009
FE Report
Some unsuccessful applicants are yet to receive refund warrants of the newly listed issues due to absence of online facilities in some banks, officials involved with the IPO process told the FE Thursday.
The Securities and Exchange Commission (SEC) notification, however, said, the issuer should refund the application money to the bank of the unsuccessful application of the public offer for onward deposit of the refund money into the applicant's account as provided in the respective application form for subscription.
"We've already complied the notification of the securities regulator but the banks void of online banking might send the money by courier service, delaying the procedure," said an official.
Their remarks came in protest of a news item published in this newspaper on December 2 titled 'Unsuccessful applicants facing problems in getting back refund warrants'.
Some unsuccessful applicants are yet to receive refund warrants of the newly listed issues due to absence of online facilities in some banks, officials involved with the IPO process told the FE Thursday.
The Securities and Exchange Commission (SEC) notification, however, said, the issuer should refund the application money to the bank of the unsuccessful application of the public offer for onward deposit of the refund money into the applicant's account as provided in the respective application form for subscription.
"We've already complied the notification of the securities regulator but the banks void of online banking might send the money by courier service, delaying the procedure," said an official.
Their remarks came in protest of a news item published in this newspaper on December 2 titled 'Unsuccessful applicants facing problems in getting back refund warrants'.