Knowledge Centre / The people in the process
The IPO ecosystem: who does what?
Who does what, and who sits on your side.
The company decides whether to list, when and how much to raise, with its board and shareholders, and the company, its directors and its promoters stand behind every line of the offer document. The SEBI-registered merchant banker manages the issue. Auditors examine the restated accounts, legal counsel carries out legal due diligence, and the registrar, the underwriter and, for SME issues, the market maker each have a defined role.
The exchange reviews the draft, and for a Main Board issue so does SEBI. Investors decide whether to apply, and in a book built issue, at what price within the band.
Each one has a mandate. Only one is yours: the company, and the case it brings to all of them.
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General information, not legal or investment advice. Rules as at 2 November 2026.
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