Release of subscription money requires issuer confirmation to bankers and mandates prompt refund with interest on listing failure. Regulation 94 requires the issuer to confirm to bankers, by providing copies of listing and trading approvals, that all formalities for the issue are complete before bankers release subscription proceeds or refund monies on failure. If the issuer fails to obtain listing or trading permission it must refund all monies received through verifiable means within the prescribed short period after intimation of rejection; failing which the issuer and every director who is an officer in default are jointly and severally liable to repay those monies with interest. The designated stock exchange must ensure release of rights issue monies in compliance with the Companies Act provision on release of funds.