Who is in the room

Chapter 3 of the markets subject named the institutions standing between you and a share on an ordinary day. An IPO adds a few more, and one of them has an interest worth stating out loud.

The merchant banker, or book running lead manager

The firm that runs the issue. SEBI's process flow has the issuer appointing a merchant banker first, before the legal advisor, the registrar, the syndicate members and the underwriters.

The BRLM prepares the offer document, conducts the due diligence, files with SEBI, sets the price band with the company, builds the book, and allocates the anchor portion. Its name is on the cover.

Its obligation is real. From SEBI's FAQ, read 30 September 2026:

Merchant Banker(s), are required to do the due diligence while preparing an offer document.

And if the document is wrong, SEBI tells you to write to them — the lead manager's name, phone number and email are on the cover page for exactly that reason.

Now the part usually left out. The lead manager is engaged and paid by the company that is selling, and its fee is typically a percentage of what the issue raises. It is a professional bound by regulation and reputation, and it is also the seller's agent. Both are true, and only one of them appears in the advertising.

The registrar to the issue

The registrar processes every application, finalises the basis of allotment with the company, the lead managers and the exchanges, instructs the depositories to credit shares, and instructs the banks to unblock money where there was no allotment.

Practically, the registrar is who you contact about your own application. SEBI is direct: for non-allotment or refund problems, contact the registrar immediately, and allotment status can be checked in the investor services section of the registrar's website on the allotment date given in the offer document.

The banks, and the sponsor bank

Self certified syndicate banks block money in your account under ASBA. The sponsor bank routes the UPI mandate for retail applications. Chapter 4 is about what blocking means and why it is better than paying.

They are worth naming because one specific failure — an SCSB mishandling your application — is the one for which SEBI provides compensation. Chapter 4, again.

The exchange

NSE and BSE give the in-principle approval for listing, host the bidding platform on which every application is uploaded, publish the subscription figures while the issue is open, and list the shares at the end.

That daily subscription data is the most useful thing any outside observer gets during an IPO, and it costs nothing. Chapter 7 uses it.

The monitoring agency

For larger fresh issues, a monitoring agency — a bank or a credit rating agency — reports on whether the money was spent on what the document said it would be.

There is a hole in that, and it is the subject of chapter 5: under the ICDR regulations, proceeds raised for general corporate purposes are not required to be monitored. The least specified use of the money is also the least watched.

SEBI

Reviews the disclosure, issues observations, and runs SCORES for complaints. It does not approve the company or the price, as chapter 1 established.

Who to call

Problem	Who
The offer document looks wrong	The lead manager, then SEBI on SCORES
Money blocked, but no allotment or unblock	Your bank, then the registrar
Allotment status, or shares not credited	The registrar
Nothing resolved by the registrar	SEBI on SCORES

The point

The lead manager writes the document, does the due diligence, and is paid by the seller. The registrar handles your application. Banks block your money. The exchange publishes the demand. SEBI checks the disclosure. None of them is acting for you.