What is the role of registrar in an IPO by SME?

Registrar is a SEBI-registered independent financial institution appointed by the company to keep the ownership of the company’s shares. The registrar is primarily responsible for the allotment of issued shares to different categories of applicants. Once an IPO closes for subscription, the registrar finalizes a list of eligible allottees after rejecting invalid applications. Registrar prepares a basis of allotment and credits shares to applicants' Demat accounts, and refund orders are dispatched to applicants to whom shares are not allotted. The lead manager coordinates with the registrar to receive all the applicants from collection centers to process share allotment.