CNBC-TV18 has learnt that the Association of Investment Banker of India has sent a mail to its members saying SEBI is looking into some of the rules governing IPOs. These rules have to do with some loopholes that are being used to advantage by QIBs and NIIs, to the detriment of retail investors.

The concern is that in a few cases, funds against last day applications by NIIs and QIBs are not coming in because of the T+1 and T+2 option available to them and this could be leading to a gaming of the system.

CNBC-TV18 learns that SEBI has sought immediate corrective action.

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