Allotment and refund delays require issuers to pay interest and lead managers to ensure electronic processing and compliance. Issuers and lead managers must ensure specified securities are allotted and application monies refunded or unblocked within the Board specified period; lead managers must effect allotment, dematerialised credit and refunds electronically; where these actions are delayed beyond the prescribed period, the issuer must pay interest to investors at the rate disclosed in the offer document and the lead manager(s) must ensure payment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Allotment and refund delays require issuers to pay interest and lead managers to ensure electronic processing and compliance.
Issuers and lead managers must ensure specified securities are allotted and application monies refunded or unblocked within the Board specified period; lead managers must effect allotment, dematerialised credit and refunds electronically; where these actions are delayed beyond the prescribed period, the issuer must pay interest to investors at the rate disclosed in the offer document and the lead manager(s) must ensure payment.
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