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Sunday, April 24, 2011

I-banks told to avoid PSU, private float clash

NEW DELHI: The government has banned bankers managing public sector floats from simultaneously handling offers of private sector firms in the same sector, saying such situations lead to a conflict of interest that could affect its divestment plans.

Merchant bankers manage divestment issues for almost free as these mandates offer them huge visibility. The ban on managing private sector floats could make them rethink this strategy. "We had sought advice from the Attorney General on the guidelines (for merchant bankers) which have been now approved," said a finance ministry official.

Source: EconomicTimes


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