Minimum subscription requirement mandates refund through verifiable means and interest liability for non-compliance by issuers and underwriters. The regulation mandates a minimum subscription of ninety per cent. of the offer; if not met, issuers must refund all subscription monies forthwith through verifiable means and, upon delayed refund, pay interest for the period of delay. For underwritten issues the same refund and interest obligations apply when underwriters fail to prevent undersubscription, and lead managers must report underwriters who default on devolvement in the specified format.