SEBI may stop pre-listing deals in IPOs
Mumbai: SEBI has begun to take steps that would stop pre-listing deals in IPOs. SEBI plans to amend regulations that would make it mandatory for depositories to block the securities in demat accounts of investors till the shares are listed on stock exchanges.

SEBI will also bar pre-listing deals and "depositories will compulsorily have to block or freeze the securities in demat accounts of the allottees till the designated stock exchange and the issuer confirms to them that listing and trading permissions have been granted by all stock exchanges," SEBI said.

This was suggested in a discussion paper on `Measures to check excess dematerialisation of securities and pre-listing grey market in securities issued in IPOs', issued by SEBI today.

The proposed changes will be introduced through amendments in the SEBI (Depositories & Participants) Regulations, 1996.

SEBI has also suggested steps to tackle the malice of "excess securities" i.e.; dematerialisation of shares in excess of issued capital of a listed company. These include putting certain responsibilities on the depositories, issuer, its registrar and the depository participant to ensure that securities are not dematted in excess of listed/issued capital.

SEBI said despite taking several steps in the past, the problems arising out of "excess demat" have not been completely resolved. It has also suggested regulatory amendments to slap a penalty up to Rs 25 crore on those responsible for issue of excess securities.
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Enam is 'best equity house'
Mumbai: Investment bank, Enam Financial Consultants (P), has been voted as the `Best Domestic Equity House' from India in a survey of regional analysts and investors by AsiaMoney magazine.

According to the survey, conducted by Deologic, for AsiaMoney magazine, "Enam is the leading indigenous equity capital market house, with 24 issues completed worth $754 million in the year to end-May. The brokerage still lags foreign-owned or foreign-invested houses such as Citigroup and DSP Merrill Lynch, but domestic analysts believe Enam has strong foundations built on a broad stable of domestic customers over the last 12 months," said the survey.

Some of the prominent issues handled by Enam in recent times include IPOs by renewable energy equipment maker Suzlon Energy, retailer Shoppers' Stop, Sasken Technologies, Yes Bank and Radio Mirchi.
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