Among the plethora of decisions taken at the Securities and Exchange Board of India’s (Sebi) board meeting last week, quite a few were related to improving processes of the primary markets. Some of these measures seem only incremental, but are significant. The most important one is that non-retail investors will not be able to withdraw their bids or lower their size at any stage during the book-building process. As Sebi’s press release states, this will avoid sending misleading signals to retail investors about the extent of oversubscription of an issue.
http://www.livemint.com/2012/08/20205118/Sebi-should-attract-new-retail.html?h=D
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