Interest liability for delayed allotment and refunds requires issuers and lead managers to ensure timely electronic processing. Issuers and lead managers must ensure specified securities are allotted and application monies refunded or unblocked within the Board specified period, with allotment, dematerialised credit and refunds/unblocking effected electronically. If allotment or refund/unblocking is not completed within the stipulated period, the issuer must pay interest to investors and the lead manager(s) must ensure payment within the time disclosed in the offer document.
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.
Interest liability for delayed allotment and refunds requires issuers and lead managers to ensure timely electronic processing.
Issuers and lead managers must ensure specified securities are allotted and application monies refunded or unblocked within the Board specified period, with allotment, dematerialised credit and refunds/unblocking effected electronically. If allotment or refund/unblocking is not completed within the stipulated period, the issuer must pay interest to investors and the lead manager(s) must ensure payment within the time disclosed in the offer document.
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