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of <h1>Section 40 safeguards public offer funds, mandates stock exchange listing permission and penalizes companies for non-compliance</h1> Section 40 mandates that any company making a public offer must apply to one or more recognised stock exchanges and obtain permission for its securities to be dealt with there, disclosing the names of such exchanges in the prospectus. Application monies from the public must be kept in a separate scheduled bank account and can only be used for allotment where listing permission is obtained, or for timely refund if allotment cannot be made. Any condition requiring applicants to waive these protections is void. Non-compliance attracts fines on the company and its defaulting officers, and companies may pay commission for securing subscriptions subject to prescribed conditions.
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