labels: rbi, investment - general
RBI revokes Stockinvest schemenews
The RBI in a notificatio
06 November 2003
Mumbai: The Reserve Bank of India (RBI) has decided to withdraw the Stockinvest Scheme with immediate effect following several measures that have reduced the allotment process of initial public offerings.

The RBI in a notification said it has been observed that the use of Stockinvest as a mode of payment for application for allotment of shares and debentures in the primary market has declined substantially.

Moreover, several measures have been taken by the Securities and Exchange Board of India for bringing down the allotment period under primary issues, which have considerably reduced hardships caused to the investors on account of delay in the allotment process.

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RBI revokes Stockinvest scheme