BSE directs intermediaries to Retain Application Forms for IPO issuances

LegalitySimplified

The Bombay Stock Exchange (BSE) on January 09, 2023, issued a notification regarding the Retention of Application Forms for IPO issuances. Intermediaries shall retain physical application forms submitted by retail individual investors with UPI as a payment mechanism, for a period of six months and thereafter forward the same to the issuer/ Registrar to Issue.

However, in the case of Electronic forms, “printouts” of such applications need not be retained or sent to the issuer. Intermediaries shall, at all times, maintain the electronic records relating to such forms for a minimum period of three years.

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