The IPO market in India has recently invited the attention of the media for scams in the allotment of shares. The charges are that few individuals got a large number of shares allocated in IPOs of various companies under fictitious names. The role of the banks as well as Depository Participants (DPs) has therefore come under scanner. The market regulator- Securities and Exchange Board of India (SEBI) has already passed an order asking the DPs for payment of a disgorgement amount of Rs. 1160 million1(approximately USD 28.3 million). ...