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Mumbai:
The Reserve Bank of India (RBI) has decided to withdraw
the Stockinvest Scheme with immediate effect following
several measures that have reduced the allotment process
of initial public offerings.
The
RBI in a notification said it has been observed that the
use of Stockinvest as a mode of payment for application
for allotment of shares and debentures in the primary
market has declined substantially.
Moreover,
several measures have been taken by the Securities and
Exchange Board of India for bringing down the allotment
period under primary issues, which have considerably reduced
hardships caused to the investors on account of delay
in the allotment process.
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