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The Securities and Exchange Board of India is currently reviewing the entire process for initial public offering of shares, its chairman said, a day after it banned seven firms from fund raising for IPO violation.

"We are currently reviewing the entire IPO process, including shortening the timeline for the entire process," SEBI chairman U.K. Sinha told television news channel CNBC TV18 on Thursday.

India's market regulator has banned seven companies, which recently raised funds in initial public offers, from further accessing the securities market and has also banned some merchant banks involved in these issues after investigations.

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