Registrar

A Registrar to the Issue, commonly known as the Registrar and Transfer Agent (RTA), is a SEBI-registered entity responsible for processing share applications during an IPO, managing the allotment process, handling refunds, and crediting shares to investors' demat accounts. Post-listing, the RTA maintains the company's shareholder register and processes corporate actions.

During an IPO, the registrar collects and validates all applications received through banks, brokers, and UPI (via ASBA). They reconcile application data, eliminate duplicate or invalid applications, determine the basis of allotment in consultation with the stock exchange, and process share credits and refund initiations. For oversubscribed IPOs, the registrar manages the proportional allotment or lottery process for retail investors.

The two dominant RTAs in India are KFin Technologies (formerly Karvy Computershare) and Link Intime India. Together, they service the vast majority of listed companies and mutual funds in the country. Investors can check their IPO allotment status directly on the registrar's website using PAN or application number.

Post-listing, the RTA's ongoing responsibilities include maintaining the register of shareholders, processing share transfers and transmissions, managing dividend payments, handling demat/remat requests, and supporting corporate actions like Stock Splits, bonus issues, and rights issues. They are the administrative backbone connecting the company to its shareholders.

SEBI regulates RTAs under the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993. RTAs must maintain strict data security, adhere to processing timelines (allotment within 6 working days post-issue close), and submit periodic compliance reports. For IPO investors, the registrar is the key point of contact for allotment queries and refund issues.