Write short notes on the following : (a) Bankers to an issue

Banker to an issue means a scheduled bank carrying on all or any of the following activities: Acceptance of application and application monies; Acceptance of allotment or call monies; Refund of application monies; Payment of dividend or interest warrants. Bankers to the issue, as the name suggests, carries out all the activities of ensuring that the funds are collected and transferred to the Escrow accounts. While one or more banks may function as Bankers to the issue as well as collection banks, others may do the limited work of collecting the applications for securities along with the remittance in their numerous branches in different centres. The banks are expected to furnish prompt information and records to the company as well as to the lead manager for monitoring and progressing the issue work.