Market regulator Securities and Exchange Board of India has sought 'clarifications' on proposed initial public offers of as many as 20 companies, including the likes of leading commodity bourse MCX, Mahindra Holidays, Oil India and Anil Ambani group's telecom tower business arm Reliance [Get Quote] Infratel.

Besides, at least 21 other IPOs are currently awaiting the clearance from Securities and Exchange Board of India, which includes 15 offers whose bankers have replied with clarifications sought from them.

While some bankers said that responses to the Sebi are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are 'routine' clarifications and would be responded in the due course.

According to the latest processing status as on March 14 of draft offer documents filed with Sebi, clarifications are currently awaited from lead managers in relation to 20 IPOs.

Out of these firms, the notice has been issued over the MCX IPO recently, while the clarifications are awaited on IPOs like Reliance Infratel, Oil India Ltd, Mahindra Holidays & Resorts and National Hydroelectric Power Corporation for more than at least two weeks.

Other such IPOs include Jaiprakash Power Ventures, PNC Infratech, Pipavav Shipyard and Sea TV Network.

As per the existing guidelines, Sebi may issue its observations, which are necessary for the IPOs to proceed, on a draft offer document filed with it within 30 days from the date of receipt.

However, it may seek any additional information or clarification in relation to the draft offer documents from the merchant bankers and issue its observations within 15 days from the date of receipt of satisfactory reply.

Some of the offer documents where Sebi is awaiting necessary clarifications were filed months ago. State-run NHPC had filed its draft IPO prospectus on April 2, 2007, Vijai Infrastructure and Austral Coke & Projects had filed their documents in September and November respectively last year.

Companies like MHRIL, which runs Club Mahindra resorts, Mandhana Industries, Oil India Ltd, Ramky Infrastructure, Shankara Pipes India and Chemical Biotech Ltd had filed their documents in December 2007, but they are still awaiting the necessary clearance in view of clarifications sought from their bankers.

Besides, Birla Cotsyn India, Jaiprakash Power Ventures, PNC Infratech, Ashoka Buildcon, Pipavav Shipyard, Euro Multivision Ltd and Sea TV Network had made their filings in January.

Draft offer documents were filed in February by Reliance Infratel, Microsec Financial Services, KSK Energy Ventures and Multi Commodity Exchange of India Ltd.

Among the companies whose IPO documents are currently under process for Sebi observations, merchant bankers of 16 issues have recently replied to the clarifications sought from them. These IPOs include Cox and Kings (India), JSW Energy, Nu Tek India, Khadim India and RNS Infrastructure.

In addition, the offer documents for IPOs of five other companies are also currently under process for the Sebi observations. These include Kishore Biyani group's Future Ventures, Fineotex Chemical, Vishal Information Technologies, 20 Microns and ARSS Infrastructure Projects.