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of <h1>Issuers must call outstanding subscription money within 12 months or face forfeiture unless a monitoring agency is appointed.</h1> Regulation 89 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, mandates that if an issuer opts to receive subscription monies in calls, the outstanding subscription money must be called within twelve months from the date of allotment. If an applicant fails to pay within this period, the equity shares with unpaid calls and any subscription money already paid will be forfeited. However, this requirement can be waived if the issuer has appointed a monitoring agency as per regulation 82.
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