This is the concluding part of our Merchant Bankers Report Card series. In early July, we started this series to highlight the need for merchant bankers to be more accountable towards initial public offerings (IPOs) undertaken by them. On 28 July, the capital market regulator, the Securities and Exchange Board of India, made it mandatory for merchant bankers to provide details of their track record in the IPO application forms.
Also See: Merchant Bankers | Weekly Update (PDF)
On 27 September, the regulator finally came out with a format in which merchant bankers need to carry their past performance along with the issue document. This guideline is effective for draft IPO prospectues filed after 1 November. We believe that the end we were looking for has been achieved.