Who are ‘Bankers to the Issue’? What are their functions?

Who are ‘Bankers to the Issue’? What are their functions? 

Ans. Banker to an issue is a very important intermediary in primary issue. It receives applications and application money and handles refund of application money. Their functions are as follows: 

(a) Receiving applications and application money. 

(b) Complying with all legal formalities related to issue of shares till allotment of shares. 

(c) Giving all reports to SBI. 

(d) Maintaining all records in this regard. 

(e) Complying with the code of conduct issued by SEBI which is similar to that of underwriters and merchant bankers.