The Securities and Exchange Board of India has cleared the initial public offering by Indraprastha Gas Ltd, after the market regulator decided to defer implementation of T+6 norms for the book building issues.

The offer document for the IPO for equity shares, which is lead-managed by J M Morgan Stanley Pvt Ltd was cleared by issuing final observations, Sebi said in a release in Mumbai on Friday.

The size and premium for IGL's proposed IPO cannot be estimated since it is a book-built issue, Sebi said.

Sebi had on October 13, postponed plans to introduce T+6 norm (T is the book closure date and trading is to commence on the sixth date) were deferred when market players represented that infrastructure and software systems were required to be upgraded before introducing this system for book built issues.

IGL, a joint venture between Gail, National Capital Region of Delhi and BPCL, had submitted its IPO proposal to the market regulator in mid-August. But the issue was deferred as Sebi wanted to introduce a T+6 listing schedule for the book-built offers.

The company supplies gas to domestic and commercial consumers and CNG to the transport sector in Delhi.