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Mumbai, March 11 The Securities and Exchange Board of India has received a large number of complaints from retail investors against Reliance Power Ltd IPO, this was disclosed in Parliament on Tuesday.

Till March 3, 2008, SEBI has received 2,261 grievances relating to non-receipt of refund, credit of shares and non-receipt of interest on delayed refund. SEBI has transmitted these grievances to the company for necessary action, the Minister of State for Finance said, in reply to a question.

As per the Post Issue Monitoring Report submitted to SEBI, by the lead manager to the IPO of Reliance Power, the despatch of refund orders were completed within 15 days from the date of closure of the issue, which is within the time limit specified in the Disclosure and Investor Protection Guidelines, the Minister said.

The issue closed on January 18 mopping up about Rs 60,000 crore from the market and it was subscribed 72 times. The refund and allotment of shares to investors should have taken place within 14 days of issue closure.

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