"There was no need for the government to appoint a foreign merchant banker for a domestic issue when there are domestic merchant bankers like SBI Caps and others who can deliver the goods in a much professional manner," he said.

The Swiss-based Warburg Dillon Read is the sole book-runner and lead manager to the issue. While foreign merchant bankers are used in case of an international offering, domestic merchant bankers are used for a domestic offering.

For the first time the government is using a foreign merchant banker for a domestic issue.

Ramakrishna also criticised the government on keeping Concor's books open for a week.

"Internationally, the books will be closed within 24 hours of opening, and may be extended to a maximum of 36 hours. By keeping the books open for a week, the Concor issue hasbecome a stale offering," he said.

Book-building is a process where the prices at which shares are to be sold are determined by demand and supply format.

Ramakrishna also criticised the government for appointing too many merchant bankers for a small offering like Concor's.

"For a small offering of nine million shares, one merchant banker was adequate enough," he said.

While Warburg Dillon Read is the lead manager and sole book-runner to the issue, HSBC Capital Markets and Morgan Stanley are acting as global co-lead managers. Local merchant bankers JM Financial, DSP-Merrill Lynch and UTI Securities are the domestic lead managers for the issue.

The commission's chairman called for a full-time implementation body for disinvestment of shares in public-sector units (PSUs).

"In all the six reports we have submitted to the government, we had mentioned the need to have a full-time implementation body, which would oversee the disinvestment process," he said.