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Mumbai, March 11 SEBI has directed merchant bankers to directly respond to investor complaints pertaining to IPOs, instead of merely forwarding the issuer company’s answers to such complaints.

In case there is an inadequate disclosure in the offer document, the merchant banker’s reply to the same to the investors should also be forwarded to SEBI.

At present, complaints received by merchant bankers are replied by the issuer company instead of the merchant banker. In a circular issued today, it was also mentioned that investors applying for a public issue need not attach photocopies of their PAN cards irrespective of the size of their application.

They are required to quote only the PAN number in the application form.

SEBI has stated in the circular that the merchant bankers have to make sure that the collection agents, in charge of the issue, are aware of this and in case they refuse to accept the application form, the merchant bankers will be held responsible.

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