Interest liability for delayed allotment and refunds requires issuers and lead managers to ensure timely electronic processing. Issuers and lead managers must ensure specified securities are allotted and application monies refunded or unblocked within the Board specified period, ... Summary
Interest liability for delayed allotment and refunds requires issuers and lead managers to ensure timely electronic processing.
Issuers and lead managers must ensure specified securities are allotted and application monies refunded or unblocked within the Board specified period, with allotment, dematerialised credit and refunds/unblocking effected electronically. If allotment or refund/unblocking is not completed within the stipulated period, the issuer must pay interest to investors and the lead manager(s) must ensure payment within the time disclosed in the offer document.
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