Release of subscription money: lead managers must clear formalities before bankers release funds or enable refunds. Lead managers must confirm to bankers, by providing copies of listing and trading approvals, that issue formalities are complete so bankers may release subscription monies to the issuer or allow refunds. If the issuer fails to obtain listing or trading permission, it must refund all monies through verifiable means within four days of exchange intimation; failure renders the issuer and every director who is an officer in default jointly and severally liable to repay with interest at fifteen per cent per annum. Lead managers must ensure release of monies complies with Section 40(3) of the Companies Act, 2013.