1. Collect figures of applications money from the controlling branches and as far as possible from other key branches, and send one day report to the SEBI. If the issue is subscribed obtain the certificates from the registrars for 30 per cent/100 percent (as the case may be) subscription and send the copy of the same to the SEBI and the regional stock exchange.
2. Write to the related stock exchange regarding closure of subscription list and advertisements declaring issue to be closed is published.
3. Compliance reports to the SEBI are to be sent. There were four different types of reports in case of subscribed public issues (7, 45, 70 and 90 days reports) and six reports in case of unsubscribed public issues (7, 30, 45, 60, 90 and 100 days reports). With effect from July 1995, only two post-issue reports for public issue are to be submitted (3 and 78 days post-issue monitoring reports) (Annexures 10 (a) and 10(b)). The merchant bankers have to keep the SEBI informed on important developments about the particular issues being lead managed by them during the intervening period of the reports.
4. The following are to be submitted the regional stock exchange:
(a) Statement of valid application
(b) Certificate of 90 percent subscription
(c) Bank certificates
5. Obtain letter from regional stock exchange approving basis of allotment for different categories.
6. Send copy of the letter of regional stock exchange to other exchanges where listing permission is sought.
7. Make public a copy of basis of allotment in two national dailies
8. Publish advertisements mentioning the various dates on which refunds/ allotments and listing were dispatched and sought respectively.
9. In case of delay by more than 78 days the lead manager should see that the interest for the delayed period is paid by the issuer.
10. Confirm that the listing formalities have been completed where the listing has been sought
11. Arrange for permission for dealing in securities
12. Confirm that various commissions/brokerage/payments to various intermediaries ranged by the merchant banker have been paid by the company.
13. Obtain RBI permission of allotment of shares/debentures to NRIs and FIIs.
The lead manager should submit the draft of the letter of offer to the SEBI six weeks before the issue is scheduled to open for subscription. The suggestion, if any would be conveyed within three weeks from the date of receipt of such draft, should be incorporated /complied with by the merchant bankers before fling a copy of the letter of offer. A copy of the letter of offer should be submitted by the merchant bankers to the SEBI two weeks before the issue opens for subscriptions. The merchant banker should submit along with the letter of offer a due diligence certificate to the SEBI in the form, already prescribed by the SEBI. The merchant banker submitting he letter of offer is responsible for ensuring compliance with he SEBI rules, regulation and guidelines and requirements of other laws , which are for the time being, in force. Rest of the reports and regulations are to be complied with by the merchant bankers as already specified. The changes being made are only in respect of submission of letter of offer and the rest remains the same.