Stricter monitoring of IPO proceeds by small firms

To check any misuse of funds raised through initial public offerings (IPOs), Sebi plans to make it mandatory for all companies to appoint a monitoring agency to keep a tab on the use of the capital raised through share sale. Under the present norms, such a monitoring agency, which could beabank or public financial institution, is required to be appointed only by the companies raising more than Rs 500 crore in the public offer. Suspecting misuse of funds raised through smaller share sales of up to Rs 500 crore, the regulator is mulling making it mandatory for all companies to get the use of their IPO proceeds monitored, irrespective of the offer size, sources said.

The Business Standard New Delhi, 14th April 2017

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