Bhave: New IPO payment system by Aug-end

An alternate payment system to ensure that the retail investor’s money is not blocked if shares are not allotted will be launched as a pilot by August-end. “Hopefully, by August-end we will start the pilot project,” Securities and Exchange Board of India (Sebi) chairman C B Bhave told reporters here on the sidelines of a seminar organised by the Financial Planning Standards Board of India. “We really don’t know how the system works. We need to get used to it. We have to sort out glitches, if there are any, in the beginning,” he said, adding that the current system and the alternate system will co-exist