The new system is expected to eliminate the process of giving refunds by companies to the applicants in case of non-allotment of shares. At present, applicants have to wait for quite some time to get refunds on non-allotment of shares.
The regulator has issued circulars to stock exchanges, merchant bankers, registrar and bankers on the new system.
However, it has not disclosed the date when the new payment system will come into effect.
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