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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>SEBI Regulation 94: Issuers Must Refund Money Within 4 Days if Listing Denied, or Face 15% Interest.</h1> Regulation 94 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, outlines the procedures for the release of subscription money. The issuer must confirm to the bankers that all issue-related formalities are complete, allowing the release of funds. If listing or trading permission is denied, the issuer must refund all monies received within four days. Failure to do so results in joint and several liability for repayment with 15% annual interest. The designated stock exchange ensures compliance with section 40 of the Companies Act, 2013, for releasing funds related to rights issues.
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