The government today said it is looking into the report submitted by the expert group set up to suggest steps for monitoring the end-use of IPO funds and would take appropriate action to prevent misuse of IPO money.
“The report (of expert group) has been submitted. We will certainly read the report carefully. But we can only tell you the finding after we finish reading it,” Corporate Affairs Minister Salman Khurshid said when asked about the findings of the report.
Concerned over reports of misuse of funds raised by corporate through public offerings, the government in 2008 had set up an expert group to suggest steps for monitoring of the end use of IPO funds.
Initial Public Offers (IPOs), the Minister added, are primary responsibility of market regulator Securities and Exchange Board of India (SEBI) and government would coordinate whenever necessary.