ROLE OF MERCHANT BANKERS IN IPO Merchant Bankers are playing a significant role in Public Issues right from the

stage of prospectus to the deciding basis of share allotment and arrange refunds in case of anonallotment. Merchant Bankers perform the following functions relation to Public Issues: i. Drafting prospectus and getting the approval ii. Obtaining the consent of all agencies in Public Issue iii. Pattern of advertisement including the earliest closing date iv. Dates of opening and closing of issue including the earliest closing date v. Arrangement for collections of Application money vi. Deciding the basis for allotment in consultation with Stock Exchange authorities vii. Finally, arrangement of refund of application money in case of non-allotees viii. Assisting in Euro and GDR Issues.