Regulation 22B - Prohibition on payment of incentives
Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 Chapter V REQUIREMENTS FOR BOTH PUBLIC ISSUES AND PRIVATE PLACEMENT
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Incentives for municipal debt issues are restricted, with limited discounts or additional interest allowed only for specified investor categories. Persons connected with the issue of municipal debt securities are prohibited from offering any direct or indirect incentive, whether in cash, kind, ... Summary
Incentives for municipal debt issues are restricted, with limited discounts or additional interest allowed only for specified investor categories.
Persons connected with the issue of municipal debt securities are prohibited from offering any direct or indirect incentive, whether in cash, kind, services or otherwise, to induce applications in the issue, except for fees or commission for services rendered in relation to the issue. The issuer may still offer additional interest or a discount to the issue price to specified investor categories, but only to the initial allottee and not after transfer or transmission of the securities.
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