Our bank has been permitted to act as ‘Monitoring Agency’ to undertake the assignments of monitoring of project implementation by companies raising equity through public issues, where the issue size exceeds Rs.500 crores.

Appointment of a monitoring Agency is mandatory in terms of SEBI guidelines wherever the public issue is Rs.500 crores or more. Also, the regulators (SEBI / SEs) may insist for engaging the service of a monitoring agency even in other cases.

The assignment requires the agency to monitor the investments of the IPO funds in the various projects for which the funds are raised by the issuer company from the public. An implementation progress report has to be submitted to SEBI on half yearly basis till full utilisation of the funds raised.