Twenty IPOs hit SEBI clarification hurdle

MUMBAI: Market regulator SEBI has sought "clarifications" on proposed initial public offers of as many as 20 companies, including the likes of leading commodity bourse MCX, Mahindra Holidays, Oil India and Anil Ambani group's telecom tower business arm Reliance Infratel. Besides, at least 21 other IPOs are currently awaiting the clearance from Securities and Exchange Board of India, which includes 15 offers whose bankers have replied with clarifications sought from them. While some bankers said that responses to the SEBI are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are "routine" clarifications and would be responded in the due course. According to the latest processing status as on March 14 of draft offer documents filed with SEBI, clarifications are currently awaited from lead managers in relation to 20 IPOs. Out of these firms, the notice has been issued over the MCX IPO recently, while the clarifications are awaited on IPOs like Reliance Infratel, Oil India Ltd, Mahindra Holidays & Resorts (MHRIL) and National Hydroelectric Power Corporation (NHPC) for more than at least two weeks. Other such IPOs include Jaiprakash Power Ventures, PNC Infratech, Pipavav Shipyard and Sea TV Network. As per the existing guidelines, SEBI may issue its observations, which are necessary for the IPOs to proceed, on a draft offer document filed with it within 30 days from the date of receipt. However, it may seek any additional information or clarification in relation to the draft offer documents from the merchant bankers and issue its observations within 15 days from the date of receipt of satisfactory reply.