Warrant issuance rules: upfront pricing and required upfront consideration, with forfeiture if not exercised within specified period. Warrants issued in an initial public offer must have tenure not exceeding eighteen months, may be attached to a specified security in any number, and require the exercise price or its formula to be pre determined and disclosed. At least twenty five percent of consideration based on the exercise price must be paid upfront; if pricing is formula based, twenty five percent is payable based on the cap price of the linked price band. Consideration paid for any warrant shall be forfeited if the holder does not exercise the warrant within three months of payment.