Successful completion and closure of the public issue results in the issue getting fully subscribed. But the funds subscribed are still under control of the intermediaries (Bankers to the Issue and Lead merchant Banker). The many subscribers who have parted with their money have to get either allotment of shares and refund of their money. Those who to be allotted should get the share certificates or advice about demut credit. To bring liquidity to the investment, the shares have to be listed at the stock exchange and trading thereon should commence. The Investor sees the real worth of his investment at this stage. Thus the process is completed only when allotment in favour of eligible subscribers are done and advised and funds subscribed by non-allottees are returned to them. To benefit the new share-holders to transact in the stock-exchange and secure the liquidity of their investment, the issuer has to complete listing formalities with the stock exchange(s). He has to satisfy SEBI the market watch-dog that bonafide process have been carried throughout. All these formalities form part of the post issue obligations and listed under Chapter VII of SEBI DIP Guidelines

While the primary responsibility of the lead merchant bankers throughout the process cannot be under-stated, a leading role in the process of allotment and despatching allotment letters, refund orders are with the Registrars to the Issue. The role of underwriters surfaces when the issue is not fully subscribed and partly devolves on them and they have to discharge their underwriting obligations.

Redressal of investors' grievances is another major responsibility of the issuer, lead merchant banker and the registrars to the issue in this period.

These are discussed in detail in the following articles in this module.