Release of subscription money requires lead manager confirmation, timely refund on listing failure and joint liability for defaults. Lead manager(s) must confirm to bankers, via listing and trading approvals, that issuance formalities are complete before bankers release subscription monies; if the issuer fails to obtain listing or trading permission it must refund all monies received through verifiable means within the prescribed period after intimation of rejection, and if not repaid within that period the issuer and every director who is an officer in default become jointly and severally liable to repay the money with interest; lead manager(s) must ensure release of monies complies with the Companies Act provision on release of securities money.